My nephew is buying a new build apartment in Newington with a home loan from Leeds Building Society. 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 involved in the transaction. 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 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 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 had intended to instruct a property lawyer in Newington for our house move. Our broker informed us that our mortgage company Godiva Mortgages Ltd won't deal with them. Surely this is unduly restrictive?
Pre- 2008 most lenders had a different appetite for risk. Almost all Newington conveyancing firms would have been on most bank panels. The Financial Services Authority in 2010 completed a thematic review into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more data from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum volume of conveyancing. Many Newington conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Newington is one of the thousands of locations where the conveyancers we list are are approved Godiva Mortgages Ltd.
I note that there are debates on Chancel Insurance on online forums. Do I require chancel insurance when acquiring a residence in Newington? or I am told that there is a law dating back centuries that could mean that owners of property living in a parish church boundary will be compelled to contribute towards maintenance towards the chancel in proximity to the church. Is this a legitimate concern for conveyancing in Newington?
Unless a prior purchase of the property took place post 12 October 2013 you may assume that lawyers handling conveyancing in Newington to remain encouraging a chancel search and or chancel repair liability policy.
My wife and I own a renovated Victorian property in Newington. Conveyancing practitioner acted for me and Virgin Money. I did a free Land Registry search last week and there are two entries: the first freehold, the second leasehold under the matching address. If a house is not a freehold shouldn't I have been informed?
You should read 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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Newington and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the situation with the conveyancing practitioner who conducted the conveyancing.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Newington. Conveyancing is daunting 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.
Set out below are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Newington
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Forfeiture - bankruptcy or liquidation must not apply under this provision. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply a car parking plan.
We expect to complete our sale of a £200,000 maisonette in Newington next Tuesday. The managing agents has quoted £384 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Newington?
Newington conveyancing on leasehold apartments nine out of ten times results in fees being levied by managing agents :
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Answering pre-exchange questions
Where consent is required before sale in Newington
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Having spent months of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Newington. Can we issue an application to the Residential Property Tribunal Service?
Where there is a missing landlord or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to arrive at the amount due.
An example of a Freehold Enfranchisement case for a Newington residence is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case related to 41 flats. The unexpired term was 107 years.