My son-in-law is buying a house that has just been built in Ramsey with a mortgage from Barclays. 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 engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Barclays conveyancing panel as a standard part of the process, and to the valuer 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 Barclays conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I happen to be the single beneficiary of my late grandmother’s will with all property in now in my sole name, including the house in Ramsey. Conveyancing formalities meant that the Land Registry date was in May. I now wish to sell up. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my property ownership could be regarded the same way as if I'd bought the property in May. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be impacted by that. How sensible a view lenders take of it, depend on the mortgage company as this clause is chiefly there to identify subsales or the wholesaling and assigning of properties.
Can I be sure that the Ramsey conveyancing solicitor on the Kent Reliance panel is any good?
When it comes to conveyancing in Ramsey getting recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the solicitor conducting your transaction.
The mortgage over my property is with Bank of Ireland for my property in Ramsey. Conveyancing has been completed a year ago. Should I wish 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 Bank of Ireland?
Bank of Ireland must be informed of your intention in advance of renting your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. It may be that Bank of Ireland will allow you to rent 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 Bank of Ireland directly. It should not be necessary to do this via a Bank of Ireland conveyancing panel lawyer.
four months have elapsed following my purchase conveyancing in Ramsey completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Ramsey. Conveyancing is a frightening process 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 legal work.
Here is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Ramsey
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Forfeiture - bankruptcy or liquidation must not apply under this provision. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply a car parking plan. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore.
Should I be concerned about estate agents that I am dealing with are encouraging me to use a factory type conveyancing firm rather than a High Street Ramsey conveyancing firm?
As is the case with lots of service providers, often suggestions from family and friends can be extremely useful or valuable. Nevertheless there are many parties with a keen interest in a conveyancing transaction; estate agents, mortgage brokers and lenders may recommend conveyancers to retain. Sometimes these solicitors might be known to one of the organisations as experts in their field, but sometimes there exists a financial incentive behind the endorsement. You have the discretion to appoint your preferred lawyer. Don't forget that many banks have an approved list of lawyers you must use for the mortgage aspect of your house move.
I have just appointed agents to market my ground floor flat in Ramsey. Conveyancing has not commenced, however I have just received a yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay the maintenance contribution as usual given that all rents and maintenance charges should be allotted on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I invested in buying a 1 bedroom flat in Ramsey, conveyancing was carried out November 2010. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Ramsey with over 90 years remaining are worth £260,000. The ground rent is £45 levied per year. The lease terminates on 21st October 2099
You have 74 years left to run we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as costs.
The suggested premium range above 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 the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.