My god-son is buying a new build apartment in Newbiggin By The Sea with a mortgage from Leeds Building Society. His solicitor has advised him of 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 Leeds Building Society 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 Leeds Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I have been told that property searches are the number one cause of delay in Newbiggin By The Sea conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays in the conveyancing process. Local searches are unlikely to feature in any slowing down conveyancing in Newbiggin By The Sea.
Are there restrictive covenants that are commonly identified as part of conveyancing in Newbiggin By The Sea?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Newbiggin By The Sea. 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…’
How does conveyancing in Newbiggin By The Sea differ for new build properties?
Most buyers of new build property in Newbiggin By The Sea contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is built. This is because new home sellers in Newbiggin By The Sea usually buy 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 conveyancers 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 Newbiggin By The Sea or who has acted in the same development.
I've found a house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have subsequently discovered that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Newbiggin By The Sea. Conveyancing lawyers have not yet been instructed. Will they explain the issues?
Most houses in Newbiggin By The Sea are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Newbiggin By The Sea so you should seriously consider looking for a Newbiggin By The Sea conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your solicitor will advise you fully on all the issues.
I own a 1 bedroom flat in Newbiggin By The Sea, conveyancing was carried out June 2001. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Newbiggin By The Sea with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease runs out on 21st October 2085
With only 59 years left to run we estimate the premium for your lease extension to be between £20,900 and £24,200 as well as legals.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.
Myself and my husband have recently had an offer agreed on a apartment and had meeting on Friday with HSBC for the mortgage. They have informed us that when it comes to choosing a conveyancer that unless they are on their approved panel of property lawyers then we will incur a further fee of £250+. This is because they would then have to instruct a conveyancer to act for them as well as the one we choose to act for ourselves and we assume responsibility for their invoice. I have asked HSBC to furnish me with a list so I can seek quotes only from their approved lawyers but was told they dont have such a list to hand over. What would be the best way of going about this?
You can enquire of HSBC what their panel criteria is for a solicitor.Thereafter ask the conveyancing practitioner of your choice whether they meet the criteria and have they acted on loans for HSBC previously. Where the answer to those is yes, then just clarify this with HSBC. Another option is to make use of our search tool and we should be able to find you a solicitor in Newbiggin By The Sea on the approved list for HSBC.