My nephew is purchasing a house that has just been built in Otford with a home loan from Lloyds. His solicitor 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 form 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 Lloyds 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 Lloyds conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We are looking to buy a house and need a conveyancing solicitor in Otford who is on the Santander solicitor panel. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Santander . We don't recommend any particular firms conducting conveyancing in Otford.
We're in Otford, FTBs purchasing with a mortgage (lender is Coventry BS , and our lawyer is on the Coventry BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Coventry BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one near me in Otford I like with amenity areas and transport links in the vicinity, however it's only got 49 remaining years left on the lease. I can't really find anything else in Otford in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you require a mortgage the remaining unexpired lease term may be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
What does commercial conveyancing in Otford cover?
Otford conveyancing for business premises incorporates a wide array of guidance, given by regulated solicitors, relating to business premises. For example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
My partner and I may need to rent out our Otford 1st floor flat temporarily due to taking a sabbatical. We instructed a Otford conveyancing practice in 2001 but they have since shut and we did not think at the time get any advice as to whether the lease allows us to sublet. How do we find out?
The lease governs relations between the landlord and you the flat owner; in particular, it will indicate if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Otford do not contain strict prohibition on subletting – such a clause would adversely affect the market value the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
Leasehold Conveyancing in Otford - Sample of Questions you should consider before buying
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How is the lease structured? What is the name of the managing agents? If a Otford lease has no more than eighty years it will impact the value of the apartment. Check with your mortgage company that they are willing to lend given the lease term. A short lease means that you will almost definitely require a lease extension at some point and you need to have some idea of how much this will be. For most Otfordlease extensions you will be be obliged to have owned the residence for two years in order to be legally able to carry out a lease extension.