Our son-in-law is about to exchange on a new build apartment in Newton Ferrers with a mortgage from Yorkshire BS. His lawyer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 Yorkshire BS 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 Yorkshire BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We see that you have a search directory identifying law firms on the Yorkshire BS conveyancing panel. Do firms pay you a commission if I retain them for our own conveyancing in Newton Ferrers?
We are a listing service only for law firms wishing to communicate if they are on the Yorkshire BS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Newton Ferrers.
I am buying a new build flat in Newton Ferrers. 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 conveyancing.
Set out below is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Newton Ferrers
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I have been on the look out for a leasehold apartment up to £235,500 and found one round the corner in Newton Ferrers I like with a park and transport links in the vicinity, the downside is that it only has 49 remaining years left on the lease. There is not much else in Newton Ferrers for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage the shortness of the lease may be problematic. Discount the price by the expected 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 request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
In what way does the Landlord & Tenant Act 1954 impact my commercial property in Newton Ferrers and how can you help?
The 1954 Act gives security of tenure to commercial leaseholders, granting the right to make a request to court for a new tenancy and continue in occupation at the end of an expired lease. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing solicitors who use the act to your advantage and assist with commercial conveyancing in Newton Ferrers
I am employed by a long established estate agent office in Newton Ferrers where we see a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Newton Ferrers conveyancing firms. Please can you confirm whether the seller of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Leasehold Conveyancing in Newton Ferrers - Examples of Questions you should ask Prior to buying
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What is the name of the managing agents? Best to be warned if changing the roof or some other major work is due in the foreseeable future to be shared amongst the leaseholders and may well materially impact the level of the maintenance charges or necessitate a specific payment. Are any of leasehold owners in arrears of their service charge liability?