My god-son is purchasing a house that has just been built in Ivybridge with a mortgage from Virgin Money. His lawyer 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 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 Virgin Money 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 Virgin Money conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
It is a dozen years since I purchased my home in Ivybridge. Conveyancing solicitors have just been appointed on the sale but I am unable to locate my deeds. Is this a problem?
You need not be too concerned. Firstly the deeds may be kept by your lender or they could be archived with the lawyers who acted in the purchase. Secondly the likelihood is that the land will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors obtaining current official copies of the land registers. The vast majority of conveyancing in Ivybridge relates to registered property but in the unlikely event that your home is unregistered it adds to the complexity but is not insurmountable.
Me and my partner are buying a flat in Ivybridge. It might be a silly question but how we can trust a lawyer? On completion day we will need to send money into their account. What protection do we have from them run away with our money?
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.
My father informed me that in purchasing a property in Ivybridge there may be a number of restrictions as to what one can do in terms of external changes to the property. Is this right?
There are anumerous of properties in Ivybridge which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Ivybridge should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Coventry BS have agreed my home loan in principle, my bid on a flat in Ivybridge has been agreed to, what are the next steps?
The estate agent will need to know who your solicitors are (ensure that the conveyancing practitioners are on the lender’s approved list). Contact Coventry BS or your broker and finalise any outstanding paperwork. Coventry BS will instruct a valuer who will get in contact with the estate agent or vendor to book a slot for the valuation to occur. Once conducted (assuming no problems) it takes approximately a week to receive the mortgage offer. Coventry BS will issue the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Ivybridge.
Despite weeks of looking the Title Certificate and documents to our house can not be found. The solicitors who dealt with the conveyancing in Ivybridge 10 years ago no longer exist. What are my options?
Gone are the days when you need to have the physical original deeds to prove you are the owner of your registered land or premises, as the Land Registry have everything they need in a digital format.
I need to instruct a conveyancing practitioner in Ivybridge for my house move. Can I see a solicitor's complaints history with the legal regulator?
You may find published Solicitor Regulator Association (SRA) determinations resulting from inquisitions commenced on or after Jan 2008. Visit Check a solicitor's record. To find records Pre 2008, or to check a solicitors record, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, call +44 (0)121 329 6800. The regulator may recorded telephone calls for training reasons.
I am employed by a long established estate agent office in Ivybridge where we have experienced a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Ivybridge conveyancing solicitors. Could you clarify whether the owner of a flat can initiate the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I inherited a 2 bed flat in Ivybridge, conveyancing having been completed 9 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Ivybridge with over 90 years remaining are worth £197,000. The ground rent is £55 charged once a year. The lease expires on 21st October 2078
With just 55 years remaining on your lease we estimate the price of your lease extension to span between £31,400 and £36,200 plus costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. 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. You should not take any other action based on this information without first seeking the advice of a professional.