My son is about to exchange on a newly built flat in Ingatestone with a home loan from Skipton. His solicitor has said that there is 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 involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Skipton conveyancing panel as a standard part of the process, and to the valuer 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 Skipton conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I have been told that property searches are the main reason for hinderance in Ingatestone house deals. Is this right?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays during the legal transfer of property. Searches are unlikely to feature in any delay in conveyancing in Ingatestone.
The estate agent has sent us the confirmation of our purchase of a new build flat in Ingatestone. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Ingatestone
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Please supply a car parking plan. There must be mutual enforceability of lessee’s covenants. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
I opted to have a survey done on a property in Ingatestone prior to appointing solicitors. I have been advised that there is a flying freehold aspect to the house. Our surveyor advised that some lenders tend refuse to issue a mortgage on a flying freehold home.
It depends who your proposed lender is. HSBC has different requirements for example to Halifax. If you call us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Ingatestone. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Ingatestone to see if the conveyancing costs will increase in light of this.
Can you provide any top tips for leasehold conveyancing in Ingatestone from the point of view of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Ingatestone can be reduced where you appoint lawyers the minute you market your property and ask them to put together the leasehold information needed by the purchasers’ conveyancers. If you hold a share in a the freehold, you should ensure that you have the original share certificate. Organising a duplicate share certificate is often a time consuming formality and frustrates many a Ingatestone conveyancing deal. Where a new share is necessary, you should approach the company officers or managing agents (where relevant) for this at the earliest opportunity. You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check by asking your solicitors. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the lease term is below 80 years. It is therefore important at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Ingatestone state that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord consenting to such alterations. Where you fail to have the approvals to hand do not communicate with the landlord without checking with your lawyer in advance. The majority of landlords or Management Companies in Ingatestone charge for providing management packs for a leasehold home. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Ingatestone.
I am the registered owner of a ground floor flat in Ingatestone, conveyancing was carried out February 2002. How much will my lease extension cost? Comparable flats in Ingatestone with a long lease are worth £185,000. The ground rent is £65 per annum. The lease ends on 21st October 2085
You have 60 years unexpired we estimate the price of your lease extension to range between £20,000 and £23,000 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. 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 clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.
I have appointed a Ingatestone conveyancing solicitor for our house purchase (first time buyers) and have noticed in the engagement letter that they are not governed by the Financial Conduct Authority. Am I right to be worried or is that the norm with conveyancing practitioner?
We can't see why they should be. Most lawyer don't lend money. You should check that they are regulated by the SRA, who set specific laws in relation to funds held on client account.