Our god-son is in the process of securing a new build apartment in Harwich with a home loan from Nottingham. His solicitor has advised him of a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Nottingham conveyancing panel as a standard part of the process, and to the valuer when requested. 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 Nottingham conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Having sold my house in Harwich last June but my buyer keeps calling me to say his lawyer needs to hear from myconveyancer. What are the post completion sale formalities following completion?
After completion of your house sale your lawyer should send the transfer deeds and all of the paperwork to the buyer’s conveyancer. If applicable, your lawyer must also evidence that the home loan has been paid off to the buyers solicitors. There are no post completion requirements just for conveyancing in Harwich.
My husband and I decided to purchase a newbuild apartment in Harwich with a residential mortgage from Lloyds TSB Bank.We use our Harwich conveyancing lawyer but Lloyds TSB Bank informed us her practice is not listed on their "panel". We have to appoint a Lloyds TSB Bank panel firm or keep our high street solicitor and fork out for a Lloyds TSB Bank panel lawyer to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The loan offered to you is subject to its various provisions, one of which will be that solicitors needs to be on the Lloyds TSB Bank approved list. in the past, most lenders had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Lloyds TSB Bank
I own a terraced Victorian house in Harwich. Conveyancing practitioner acted for me and Norwich and Peterborough Building Society. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, the second leasehold under the exact same address. I thought I was buying a freehold how can I check?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Harwich and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the position with your conveyancing lawyer who conducted the purchase.
Due to the advice of my in-laws I had a survey completed on a property in Harwich prior to retaining lawyers. I have been advised that there is a flying freehold aspect to the house. My surveyor advised that some mortgage companies may refuse to issue a loan on a flying freehold property.
It varies from the lender to lender. Bank of Scotland has different requirements from Birmingham Midshires. If you call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Harwich. Conveyancing may be slightly more expensive based on your lender's requirements.
I have just started marketing my ground floor apartment in Harwich. Conveyancing lawyers have not yet been instructed, however I have just had a yearly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear the invoice as usual because all rents and maintenance payments should be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I invested in buying a split level flat in Harwich, conveyancing having been completed 9 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Harwich with an extended lease are worth £195,000. The ground rent is £45 levied per year. The lease comes to an end on 21st October 2089
With only 63 years left to run the likely cost is going to be between £16,200 and £18,600 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.