Our god-son is purchasing a new build apartment in Polesworth with a home loan from HSBC. His lawyer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
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 HSBC conveyancing panel as a standard part of the process, and to the surveyor 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 HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My property lawyer in Polesworth has never been on on the Virgin Money Approved Panel. Is it possible for me to use my prefered solicitor notwithstanding that they are excluded from the Virgin Money panel?
The limited options open to you here include:
- Carry on with your preferred Polesworth solicitors but Virgin Money will need to retain a solicitor on their list of acceptable firms. This will inevitably rack up the total conveyancing fees as well as cause frustration.
- Choose an alternative lawyer to act in the purchase, obviously checking they are on the Virgin Money panel
My aunt advised me that in purchasing a property in Polesworth there may be various restrictions preventing external changes to the property. Is this right?
There are anumerous of properties in Polesworth which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Polesworth should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I have a mortgage with Coventry BS for my property in Polesworth. Conveyancing has been completed some time ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Coventry BS?
Coventry BS must be informed of your intention before renting your property as this is likely to be a breach of Coventry BS’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Coventry BS directly. You need not do this via a Coventry BS conveyancing panel firm.
Bank of Ireland have agreed my mortgage in principle, my bid on a apartment in Polesworth has been agreed to, what are the next steps?
The estate agent will need to be advised as to your conveyancing practitioner's details (make sure the solicitors are on the bank’s panel). Contact Bank of Ireland or the broker and complete any relevant documentation. Bank of Ireland will sellect a valuer who will get in contact with the selling agent or seller to book a time for the valuation to take place. Once carried out (assuming no problems) it takes approximately ten days for the mortgage offer to be issued. Bank of Ireland will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Polesworth.
Various online forums that I have come across warn that are the number one reason for hinderance in Polesworth house deals. Is this right?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances in the conveyancing process. Searches are unlikely to feature in any slowing down conveyancing in Polesworth.
I'm converting the mortgage on my existing house to a BTL loan with Yorkshire Building Society and I will use the rest of the raised equity as a deposit on further property. The neighborhood we are talking about is Polesworth. Will your conveyancers be able to act for both sets of banks and link together the conveyances?
Make use of our search tool on this page to be sure that the lawyers are approved by both mortgage companies. On the basis that they are your conveyancer should be able to simultaneously deal with the two conveyancing matters but you should have a chat with you solicitor and make clear your expectations and needs.
There are only Seventy years unexpired on my flat in Polesworth. I now want to extend my lease but my landlord is absent. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. You will be obliged to prove that you have used your best endeavours to find the landlord. In some cases a specialist should be useful to try and locate and to produce an expert document to be used as proof that the landlord is indeed missing. It is advisable to get professional help from a conveyancer in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Polesworth.
I invested in buying a 1st floor flat in Polesworth, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Polesworth with a long lease are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease expires on 21st October 2079
With just 53 years unexpired the likely cost is going to span between £27,600 and £31,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.