My god-son is about to exchange on a newly built flat in Houghton Regis with a mortgage from Kent Reliance. His conveyancer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Kent Reliance conveyancing panel as a standard part of the process, and to the surveyor 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 Kent Reliance conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am considering applying for a Kent Reliance mortgage for purchase of a newly converted (under development) in Houghton Regis with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Kent Reliance ?
In theory, you could use a solicitor that is not on the Kent Reliance conveyancing panel, but Kent Reliance would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Me and my partner are purchasing a apartment in Houghton Regis. It might be a silly question but how we can trust a solicitor? At some point we will need to send money into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I'm the only beneficiary of my late mum's estate and I have everything in my name now, including the house in Houghton Regis. The Houghton Regis property was put into my name in May. I plan to dispose of the house. I do know about the Mortgage Lenders 6 month 'rule', meaning my property ownership could be regarded the same way as if I'd bought the house in May. Will no one buy the property for half a year?
The CML handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be caught by that. How sensible a view lenders take of it, depend on the lender as this provision is principally there to identify subsales or the wholesaling and assigning of properties.
I currently have a mortgage with Bank of Ireland for my property in Houghton Regis. Conveyancing was finalised months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Bank of Ireland?
You must advise Bank of Ireland prior to renting your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Bank of Ireland directly. It should not be necessary to do this via a Bank of Ireland conveyancing panel firm.
How does conveyancing in Houghton Regis differ for new build properties?
Most buyers of new build or newly converted property in Houghton Regis contact us having been asked by the seller to sign contracts and commit to the purchase even before the premises is completed. This is because developers in Houghton Regis typically buy the real estate, 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 conveyancing solicitors 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 used to new build conveyancing in Houghton Regis or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Houghton Regis before appointing solicitors. I have been informed that there is a flying freehold aspect to the house. The surveyor advised that some mortgage companies may not give a mortgage on such a house.
It depends who your proposed lender is. Santander has different requirements for example to Halifax. Should you wish to call us we can check with 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 Houghton Regis. Conveyancing will be smoother if you use a solicitor in Houghton Regis especially if they are familiar with such properties in Houghton Regis.
What advice can you give us when it comes to choosing a Houghton Regis conveyancing practice to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Houghton Regis conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you speak with several firms including non Houghton Regis conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be useful:
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How many lease extensions have they conducted in Houghton Regis in the last year? What are the charges for lease extension work?
I acquired a 1st floor flat in Houghton Regis, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Houghton Regis with over 90 years remaining are worth £202,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease finishes on 21st October 2083
You have 57 years left to run we estimate the premium for your lease extension to be between £28,500 and £33,000 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.