My son is about to exchange on a new build apartment in New Milton with a home loan from UBS. 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 transaction. Therefore, it will be provided to your son’s lawyer who should be on the UBS 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 UBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do the Building Society Association intend to launch a online directory to to identify law firms on the Melton Mowbray Building Society conveyancing panel for instance in New Milton?
Lexsure has not been advised of any intention on the part of the BSA to promote such a tool.
A colleague informed me that in purchasing a property in New Milton there could be a number of restrictions preventing external changes to a property. Is this right?
We are aware of anumerous of properties in New Milton which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in New Milton should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We expect to receive a AIP from Barclays this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Barclays recommend any New Milton solicitors on the Barclays conveyancing panel, or is it better to go independently?
You will need to appoint New Milton solicitors independently although you'll need to choose one on the Barclays conveyancing panel. The solicitor represents both you and Barclays through the process.
Having read lots of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local New Milton solicitor - who is on the Barclays conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Barclays will need an independent valuation of the property. Your lawyer will not arrange this. Usually Barclays will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your New Milton postcode. As you are getting a mortgage with Barclays, you could contact them to see if they have a list of approved surveyors in New Milton.
I note that there are debates on Chancel Insurance on online forums. Am I compelled to have this when acquiring a property in New Milton? or Apparently there is a law dating back centuries that could mean that house owners residing in a parish church boundary may be liable to pay for repairs towards the chancel within the church. Is this appropriate for conveyancing in New Milton?
Unless a prior purchase of the premises took place post 12 October 2013 you may take it that lawyers delivering conveyancing in New Milton to continue to recommend a chancel search and or insurance against a claim.
Me and my brother purchased a semi-detached Georgian property in New Milton. Conveyancing lawyer represented me and HSBC Bank. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, the second leasehold under the exact same address. Is it worth asking HSBC Bank to clarify?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in New Milton and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the situation with your conveyancing lawyer who conducted the work.
I am attracted to a two apartments in New Milton which have approximately 50 years unexpired on the lease term. Will this present a problem?
There are plenty of short leases in New Milton. The lease is a right to use the property for a period of time. As the lease shortens the value of the lease reduces and it becomes more expensive to extend the lease. For this reason it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena.
New Milton Leasehold Conveyancing - Sample of Queries Prior to Purchasing
How much is the yearly maintenance fee and ground rent? This question is important as a) areas may cause problems for the block as the common areas may begin to deteriorate if maintenance remain unpaid b) if the tenants have a dispute with the running of the building you will wish to know about it Its a good idea to find out as much as you can concerning the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to every day issues like the tidiness of the common parts. Enquire of other people whether they are happy with their service. Finally, investigate as to the dates that you are obliged pay the service charge to the managing agents and specifically what it includes.