Our son-in-law is purchasing a house that has just been built in Littleborough with a home loan from Coventry BS. 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 form 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 Coventry BS 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 Coventry BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Completed the sale of my flat in Littleborough last August yet the purchaser is calling daily to moan that his solicitor needs to hear from myconveyancer. What are the post completion sale legalities now that I have sold?
Following your house sale your conveyancer should deliver the transfer deeds and all additional paperwork to the buyer’s solicitors. If applicable, your conveyancer should also send confirmation that the mortgage has been discharged to the buyers lawyers. There is unlikely to be post completion procedures just for conveyancing in Littleborough.
I'm buying a new build house in Littleborough with a loan from The Royal Bank of Scotland. The builders refused to reduce the price so I negotiated five thousand pounds worth of extras instead. The estate agent told me not inform my conveyancer about the deal as it would impact my loan with the bank. Do I keep my lawyer in the dark?.
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've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a simple, no chain conveyancing. Littleborough is where the house is located. What do you suggest?
Flying freeholds in Littleborough are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Littleborough you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Littleborough may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am looking to sell my house. My former lawyers closed down. I would be grateful for any recommendation of a conveyancing firm. I happen to live in Littleborough if that makes things easier.
You should use our search tool to help you find a solicitor for your conveyancing in Littleborough. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move runs smoothly.
I am looking at a two apartments in Littleborough which have approximately 50 years unexpired on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Littleborough is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. For most purchasers and mortgage companies, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 property 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 Littleborough conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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 purchased a 1st floor flat in Littleborough, conveyancing formalities finalised 6 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Littleborough with over 90 years remaining are worth £222,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease ends on 21st October 2095
With only 70 years remaining on your lease we estimate the premium for your lease extension to be between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.