My son is about to exchange on a newly built flat in Markfield with a home loan from Nationwide. His solicitor has advised him of a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Nationwide conveyancing panel as a standard part of the process, and to the valuer 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 Nationwide conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We note that you have a post code search directory listing law firms on the Co-operative conveyancing panel. Do firms pay you a commission if I appoint them for our conveyancing in Markfield?
We are a listing service only for law firms wishing to communicate if they are on the Co-operative conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Markfield.
Will my conveyancing lawyers need to check that the building insurance when buying a house in Markfield. My lender is Bank of Ireland
Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 16/9/2024, the requirements read as follows :
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one near me in Markfield I like with amenity areas and railway links in the vicinity, however it only has 49 remaining years left on the lease. There is not much else in Markfield suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a mortgage the remaining unexpired lease term will likely be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
I am hoping to exchange soon on a leasehold property in Markfield. Conveyancing lawyers assured me that they are sending me a report on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Markfield should include some of the following:
-
Setting out your rights in respect of common areas in the block.By way of example, does the lease permit a right of way over an accessway or hallways? Details of the parties to the lease, e.g. these could be the tennant, superior lessor, landlord Whether the lease restricts you from letting out the property, or having a home office for business The landlord’s rights to access the premises. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. You need to be informed what constitutes a Nuisance as far as the lease is concerned
I invested in buying a studio flat in Markfield, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Equivalent properties in Markfield with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease ends on 21st October 2092
You have 68 years left to run we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.
What is the reason for my lawyer requiring a list of items of identification before I can commence with selling or purchasing a property in Markfield?
Markfield lawyers are obliged by the Law Society, SRA, HMLR and current AML legislation to certify that the have verified the identity of their clients. It is also sometimes a condition of your mortgage offer. In addition they have to complete various forms, particularly those relating to Land Tax and need to have information such as your full names, NI number and date of birth.