Our grandson is purchasing a newly built flat in Houghton Le Spring with a home loan from Barclays. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Barclays 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 Barclays conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Should commercial conveyancing searches reveal impending roadworks that may impact a commercial premises in Houghton Le Spring?
Many commercial conveyancing solicitors in Houghton Le Spring will perform a SiteSolutions Highways report as it reduces the time that conveyancers spend in looking into accurate data on highways that impact buildings and development assets in Houghton Le Spring. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Houghton Le Spring.
For every commercial conveyancing transaction in Houghton Le Spring it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately may result in delays to Houghton Le Spring commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not conducted for residential conveyancing in Houghton Le Spring.
How does conveyancing in Houghton Le Spring differ for new build properties?
Most buyers of new build property in Houghton Le Spring contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because developers in Houghton Le Spring usually acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Houghton Le Spring or who has acted in the same development.
I need to find a conveyancing solicitor for freehold conveyancing in Houghton Le Spring. I happened to discover a web site which appears to be the ideal offering If there is a chance to get all this stuff completed via phone that would be preferable. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
What makes a Houghton Le Spring lease defective?
Leasehold conveyancing in Houghton Le Spring is not unique. All leases are individual and drafting errors can result in certain clauses are missing. The following missing provisions could result in a defective lease:
-
A provision to repair to or maintain parts of the property A provision for the recovery of money spent for the benefit of another party.
You could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Chelsea Building Society, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.
I invested in buying a 1 bedroom flat in Houghton Le Spring, conveyancing formalities finalised in 2003. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Houghton Le Spring with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease comes to an end on 21st October 2085
You have 60 years unexpired we estimate the premium for your lease extension to span between £20,000 and £23,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.
A licensed conveyancer dealt with my conveyancing in Houghton Le Spring half a dozen years ago having retained my title documents but has since been shut down – What can I do to get hold of these?
Title deeds, as such, no longer exist as most properties in Houghton Le Spring are archived digitally at Land Registry. Where you need to show ownership or are selling or re-mortgaging your lawyer can obtain up to date copies of the register from the Land Registry in any case.
If you feel there may be other documents or you have any other queries please e-mail your request with details of the transaction and documents you need to filerequest@clc-uk.org. The CLC will let you know what information they have and any additional information they may need before they are in a position to identify and send the documents to you. Following an intervention it may take some time for the CLC to access archived files and documents, but your request will be actioned as quickly as possible.