My son-in-law is in the process of securing a house that has just been built in Lytchett Matravers with a mortgage from Nottingham. His conveyancer 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 involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Nottingham 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 Nottingham 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 downsizing from our home in Lytchett Matravers and according to the buyers it appears that there is a risk of it being constructed on contaminated land. Any local conveyancer would know that there is no such problem. It does beg the question why the buyers instructed a national conveyancing outfit rather than a conveyancing solicitor in Lytchett Matravers. We have lived in Lytchett Matravers for six years we know that this is a non issue. Is it a good idea to contact our local Authority to seek confirmation that there is no issue.
It sounds as though you may have a conveyancing lawyer already. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
Me and my brother own a 4 bedroom Victorian house in Lytchett Matravers. Conveyancing practitioner acted for me and The Royal Bank of Scotland. I did a free Land Registry search last week and I saw two entries: one for freehold, another for leasehold under the exact same address. If a house is not a freehold shouldn't I have been informed?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Lytchett Matravers and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the situation with your conveyancing practitioner who conducted the work.
How does conveyancing in Lytchett Matravers differ for new build properties?
Most buyers of new build premises in Lytchett Matravers approach us having been asked by the developer to sign contracts and commit to the purchase even before the house is finished. This is because developers in Lytchett Matravers 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 Lytchett Matravers or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what should have been a straight forward, chain free conveyancing. Lytchett Matravers is the location of the property. Is there any guidance you can impart?
Flying freeholds in Lytchett Matravers are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Lytchett Matravers you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lytchett Matravers may ascertain 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 premises.
What are the common problems that you see in leases for Lytchett Matravers properties?
There is nothing unique about leasehold conveyancing in Lytchett Matravers. Most leases are individual and legal mistakes in the legal wording can result in certain clauses are not included. The following missing provisions could result in a defective lease:
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A provision for the recovery of money spent for the benefit of another party. Repairing obligations to or maintain elements of the building
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Chelsea Building Society, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to pull out.
Lytchett Matravers Leasehold Conveyancing - A selection of Queries before Purchasing
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How much is the service charge and ground rent on the apartment? The prefered form of lease structure is if the freehold interest is in the ownership of the leaseholders. In this situation the lessees enjoy control and although a managing agent is often retained where the building is larger than a house conversion, the managing agent is directed by the tenants. The majority of Lytchett Matravers leasehold flats will be liable to pay a service bill for the upkeep of the building invoiced on behalf of the landlord. If you buy the property you will have to pay this charge, normally periodically accross the year. This can be anything from a couple of hundred pounds to thousands of pounds for blocks with lifts and large common grounds. In all likelihood there will be a rentcharge for you to pay annual, this is usually not a exorbitant figure, say approximately £25-£75 but you should to enquire as on occasion it can be many hundreds of pounds.