Our son-in-law is about to exchange on a house that has just been built in Llanfairfechan with a mortgage from TSB. 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 TSB 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 TSB conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I'm purchasing my first flat in Llanfairfechan benefiting from help to buy. The developers refused to reduce the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep advised me not disclose to my conveyancer about the extras as it could put at risk my loan with the lender. Is this normal?.
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 am looking for a flat up to £195,000 and found one near me in Llanfairfechan I like with amenity areas and station nearby, the downside is that it only has 51 remaining years left on the lease. There is not much else in Llanfairfechan in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a mortgage that many years will be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
What does commercial conveyancing in Llanfairfechan cover?
Llanfairfechan conveyancing for business premises covers a broad array of advice, provided by regulated solicitors, relating to business property. For instance, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
Estate agents have just been given the go-ahead to market my garden flat in Llanfairfechan. Conveyancing solicitors are to be appointed soon, but I have recently had a quarterly maintenance charge invoice – Do I pay up?
The sensible thing to do is clear the maintenance contribution as usual as all rents and maintenance payments will be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment 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 am the registered owner of a basement flat in Llanfairfechan, conveyancing was carried out January 2012. Can you work out an approximate cost of a lease extension? Corresponding properties in Llanfairfechan with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 yearly. The lease terminates on 21st October 2101
With only 76 years unexpired the likely cost is going to span between £8,600 and £9,800 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.
I have recently placed an offer on a leasehold flat in Llanfairfechan and the mortgage adviser that we are using recommended his lawyer. He quoted £1000 excluding VAT and 3rd party costs. Does this sound reasonable?
You should not rely on a single estimate. You should seek like-for-like quotes for your conveyancing in Llanfairfechan. Then choose one that you trust and crucially, is on the approved list of the mortgage company that you are sourcing your mortgage from.