My grandson is buying a newly built flat in Fratton and Portsea with a home loan from Nationwide. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Nationwide conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Nationwide conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I own a freehold premises in Fratton and Portsea but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Fratton and Portsea and has limited impact for conveyancing in Fratton and Portsea but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
I had intended to instruct a property lawyer in Fratton and Portsea for our home move. Our broker has since notified us that our mortgage lenders The Mortgage Works won't deal with them. Surely this is unfair competition?
Lenders on the whole restrict either the type or the number of conveyancing solicitors on their panel. Typical examples of such criteria being that a law practice must have two or more partners. As well as restricting the type of firm, a few banks have limited the number of firms they permit to represent them. Be aware that The Mortgage Works have no responsibility for the quality of advice provided by any member of The Mortgage Works Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of solicitor panels since 2008 even though there remains mixed opinions concerning the level of solicitor engagement in some of that fraud. Data from the Land Registry reveal that hundreds of law firms, including some in or near Fratton and Portsea only carry out very few conveyances per annum.
I need some quick conveyancing in Fratton and Portsea as I am under an ultimatum to complete in less than one month. A mortgage is not required. Is it possible to decline from having conveyancing searches to save money and time?
If.Given you are not taking a mortgage you have the choice not to have searches conducted although no solicitor would recommend that you don't. Drawing on our experience of conveyancing in Fratton and Portsea the following are instances of what can show up and adversely affect future saleability: Refused Planning Applications, Outstanding Charges, Overdue Grants, Railway Schemes,...
What does commercial conveyancing in Fratton and Portsea cover?
Non domestic conveyancing in Fratton and Portsea incorporates a broad array of guidance, offered by regulated solicitors, relating to business premises. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.
What are your top tips when it comes to appointing a Fratton and Portsea conveyancing firm to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Fratton and Portsea conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Fratton and Portsea conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be of use:
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If the firm is not ALEP accredited then why not? How many lease extensions has the firm completed in Fratton and Portsea in the last 12 months?
Fratton and Portsea Conveyancing for Leasehold Flats - Sample of Questions you should consider before buying
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You will want to discover as much as you can regarding the managing agents as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to practical issues such as the upkeep of the communal areas. Ask other tenants what they think of them. On a final note, be sure you know the dates that you are obliged pay the maintenance charge to the appropriate party and specifically how they are spending that money. Where a Fratton and Portsea lease has no more than eighty years it will have adverse implications on the salability of the flat. It is worth checking with your lender that they are content with remaining years on the lease. Leases with fewer than 80 years remaining means that you will most likely need a lease extension sooner rather than later and you need to have some idea of what this would cost. Remember, in most cases you would need to own the premises for a couple of years in order to be eligible to carry out a lease extension. Make sure you find out if the the lease contains any adverse restrictions in the lease. For instance some leases prohibit pets being allowed in certain buildings in Fratton and Portsea. If you like the propertyin Fratton and Portsea however your cat is not allowed to live with you then you will be presented with a hard choice.