Our god-son is purchasing a newly built flat in Keston with a home loan from Co-operative. 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 form is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Co-operative 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 Co-operative 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 purchasing a flat and need a conveyancing solicitor in Keston who is on the Norwich and Peterborough Building Society solicitor. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Norwich and Peterborough Building Society in certain locations such as Keston. We dont recommend any particular firm.
Should my conveyancer be making enquiries about flooding as part of the conveyancing in Keston.
The risk of flooding is if increasing concern for solicitors dealing with homes in Keston. Some people will buy a house in Keston, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, however there are a numerous searches that may be initiated by the purchaser or on a buyer’s behalf which can figure out the risks in Keston. The conventional set of property information forms sent to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) includes a standard inquiry of the seller to discover whether the premises has ever been flooded. If the residence has been flooded in past and is not notified by the vendor, then a purchaser may commence a claim for damages as a result of such an incorrect reply. The buyer’s conveyancers may also order an environmental search. This should disclose if there is any known flood risk. If so, additional inquiries will need to be made.
How does conveyancing in Keston differ for new build properties?
Most buyers of new build property in Keston approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Keston tend to purchase the site, 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 used to new build conveyancing in Keston or who has acted in the same development.
I am using a search engine for the phrase conveyancing in Keston it reveals many property lawyersin the area. With so much choice what is the best way to find the suitable conveyancer for me?
The preferential way of choosing a suitable conveyancer is via trusted testimonial, so enquire of friends and those you trust who have purchased a property in Keston or the reputable estate agent or financial adviser. Costs for conveyancing in Keston vary, so it's sensible to request at least four fee estimates from different solicitors. Be sure to secure confirmation that the fees are fixed.
I am tempted by the attractive purchase price for a two maisonettes in Keston both have about fifty years unexpired on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Keston is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. The majority of purchasers and banks, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Keston conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I have given up seeking a lease extension in Keston. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a absentee freeholder or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to calculate the price payable.
An example of a Lease Extension decision for a Keston premises is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The unexpired term as at the valuation date was 50.57 years.