Our god-son is purchasing a new build apartment in Marple with a home loan from Virgin Money. His conveyancer 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 transaction. Therefore, it will be provided to your son’s lawyer who should be on the Virgin Money 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 Virgin Money 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 about to put an offer on a leasehold flat in Marple. The estate agents say that it is usual for flats in Marple to have less than 75 years left on the lease. I am obtaining a mortgage with Virgin. Will the property be mortgageable given that the lease has 70 years to go.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 8/5/2022 the requirements read as follows :
My wife and I are in the process of looking at houses in Marple and I am about to put in an offer. Is it best to have a lawyer on ‘stand by’? I intend to finance via a home loan with RBS.
It would be sensible to instigate your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the selling agent. Given that you are obtaining a mortgage with RBS, make sure you remember to check that your lawyer is on the RBS conveyancing panel.
I have decided to exercise my right to buy my property in Marple off the council. I have a mortgage offer with Yorkshire BS. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Yorkshire BS, you will need to appoint a solicitor on the Yorkshire BS conveyancing panel.
I currently have a mortgage with Nottingham for my property in Marple. Conveyancing has been completed a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Nottingham?
Your original mortgage agreement with Nottingham will provide that you need their approval before letting out your property as this is likely to be a breach of Nottingham’s mortgage conditions. It may be that Nottingham will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nottingham directly. You need not do this via a Nottingham conveyancing panel solicitor.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Marple?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Marple. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
About to purchase a new build apartment in Marple. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Marple
Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply a car parking plan. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
We're FTB’s - agreed a price, yet the agent has warned us that the vendor will only proceed if we use their chosen solicitors as they are insisting on a ‘quick sale’. We would rather use a local solicitor who is accustomed to conveyancing in Marple
We suspect that the seller is unaware of this ultimatum. If they desire ‘a quick sale', turning down a motivated purchaser is not the way to achieve this. Speak to the owners direct and make the point that (a)you are genuine purchasers (b)you are ready to progress, with finances arranged © you have nothing to sell (d) you intend to proceed fast (e)but you will continue to instruct your own,trusted Marple conveyancing lawyers - as opposed tothe ones that will provide their negotiator at the agency a introducer fee or achieve conveyancing targets set by head office.