Our nephew is buying a new build apartment in Niton with a mortgage from Nottingham. His lawyer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 Nottingham conveyancing panel as a standard part of the process, and to the surveyor 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 Nottingham conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Can you explain why leasehold purchase conveyancing in Niton costs more?
Niton leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I opted to have a survey carried out on a property in Niton prior to appointing conveyancers. I have been advised that there is a flying freehold overhang to the property. The surveyor advised that some banks tend refuse to give a loan on such a property.
It depends who your proposed lender is. Bank of Scotland has different requirements from Birmingham Midshires. Should you wish to telephone us we can check via the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Niton. Conveyancing may be slightly more expensive based on your lender's requirements.
My cousin has suggested that I use his conveyancing solicitors in Niton. Do I take his advice?
No doubt it’s preferable to choose a conveyancing practitioner is to seek referrals from friends or relatives who have actually used the solicitor you're considering.
Completion is due on the sale of our £175,000 garden flat in Niton in 10 days. The managing agents has quoted £396 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Niton?
For the majority of leasehold sales in Niton conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Answering conveyancing due diligence enquiries
Where consent is required before sale in Niton
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I bought a ground floor flat in Niton, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Niton with a long lease are worth £186,000. The ground rent is £55 charged once a year. The lease comes to an end on 21st October 2076
With only 52 years remaining on your lease we estimate the premium for your lease extension to range between £29,500 and £34,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.
There are a lot of houses in Niton on private lanes. I am buying such a house. Are there any advantages to purchasing a house on a privately owned road?
Niton conveyancing practices will be used to conveyancing homeson unadopted roads. The conveyancer should review the title to find any rights or liabilities. It is possible that there is a residents association that residents pay into for the upkeep of the road. If one exists, the road will likely be maintained and appear better than council owned.