Our grandson is about to exchange on a new build apartment in Ledbury with a home loan from UBS. His solicitor has said that there is a delay in receiving 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 purchase. Therefore, it will be provided to your son’s lawyer who should be on the UBS conveyancing panel as a standard part of the process, and to the surveyor 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 UBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Why do I have to pay up front for conveyancing in Ledbury?
Where you are retaining lawyers for conveyancing in Ledbury your solicitor will request that you put them with funds to cover the the cost of the conveyancing searches. Ordinarily this is requested to cover the fees of the Local Authority Search. If any down payment is as part of the purchase price then this will be needed shortly before contracts are exchanged. The closing balance that is needed will be payable shortly before completion.
I am about to put an offer on a leasehold property in Ledbury. The estate agents advise that it is usual for flats in Ledbury to have less than 75 years unexpired on the lease. I am getting a mortgage with Chelsea Building Society. Is this going to be acceptable if the lease has 69 years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 23/6/2022 the requirements read as follows :
I'm purchasing my first flat in Ledbury with a mortgage from Birmingham Midshires. The developers refused to budge the amount so I negotiated 6k of extras instead. The estate agent told me not to tell my conveyancer about this deal as it may adversely affect my mortgage with Birmingham Midshires. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have just started marketing my basement apartment in Ledbury. Conveyancing is yet to be initiated, but I have recently received a quarterly service charge invoice – what should I do?
The sensible thing to do is clear the invoice as normal because all rents and maintenance charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I invested in buying a 1 bedroom flat in Ledbury, conveyancing having been completed in 1999. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Ledbury with an extended lease are worth £176,000. The ground rent is £50 invoiced every year. The lease ends on 21st October 2102
With 80 years unexpired the likely cost is going to range between £8,600 and £9,800 plus costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.
I am looking for Ledbury competitive conveyancing fees. Can I be confident that all the Ledbury practices that are listed on your website are on the mortgage company conveyancing panel?
The solicitor and licensed conveyancing practices listed on our site have assured us via an online form that they are on the mortgage company panel and agreed to advise us to take down their listing in the event of removal off of the mortgage company panel. To date we have not been informed by either a bank or a member of the public that the data about a specific Ledbury conveyancing solicitor being on the lender conveyancing panel is incorrect.