Our grandson is purchasing a house that has just been built in Presteigne with a home loan from Bank of Ireland. His lawyer has advised him of 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 involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Bank of Ireland 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 Bank of Ireland conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Please explain the implications if my lawyer’s firm is removed from the Leeds Building Society Solicitor panel ahead of completing my conveyancing in Presteigne?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I am the sole recipient of my late grandmother’s estate and I have everything in my name now, including the house in Presteigne. Conveyancing formalities meant that the Land Registry date was in November. I now wish to sell up. I understand that there is a CML six month 'rule', meaning my proprietorship may be regarded the same way as though I had purchased the house in November. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. How sensible a view mortgage companies take of it, depend on the bank as this clause is primarily there to pick up on the purchase and immediately sell or the quick reselling of property.
Does a directory service exist listing TSB panel conveyancers in Presteigne on the Building Society Association’s Website?
Unfortunately not yet. There is no such directory service on the CML or Building Society Association websites. Very few mortgage companies make their panel listings viewable on the web. Where you are in need of a Presteigne conveyancer on the TSB please use our facility.
We are getting a further advance on our home loan from Bank of Ireland as we want to carry out improvements to our house in Presteigne. Do we need to select a nearby Presteigne solicitor on the Bank of Ireland conveyancing panel to deal with the legals?
Bank of Ireland do not ordinarily instruct a member of their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Bank of Ireland panel.
I have a semi-detached Victorian house in Presteigne. Conveyancing lawyer represented me and Clydesdale. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, the second leasehold with the exact same address. I'd like to know for sure, how can I find out??
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 proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Presteigne and other locations in 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 lenders. You can also check the situation with the conveyancing lawyer who conducted the conveyancing.
We expect to complete our sale of a £150,000 maisonette in Presteigne in 10 days. The management company has quoted £384 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Presteigne?
Presteigne conveyancing on leasehold flats more often than not requires the purchaser’s conveyancer sending enquiries for the landlord to address. Although the landlord is not legally bound to respond to these enquiries the majority will be content to assist. They are at liberty to charge a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The management information fee demanded by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration charges, without which the invoice is technically not due. In reality you have little choice but to pay whatever is requested of you if you want to exchange contracts with the buyer.
I purchased a 2 bed flat in Presteigne, conveyancing was carried out May 2003. Can you work out an approximate cost of a lease extension? Corresponding flats in Presteigne with an extended lease are worth £222,000. The ground rent is £50 per annum. The lease expires on 21st October 2096
With just 71 years unexpired we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.
My boyfriend is purchasing a shared ownership flat in Presteigne. He has received a fee estimate by the property lawyer connected to the selling agents totaling £1385 . It was eight years ago I sold and bought a property and the bill was £500. Have charges really gone up that much?
What does the conveyancing estimate include? Is it just for the legal fees, or what you will be paying in total (for example Presteigne searches, land registry fees, etc)