My son is about to exchange on a new build apartment in Reading with a mortgage from Lloyds. His conveyancer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties engaged in the purchase. 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 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 Lloyds conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do I have to attend the offices of the solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Reading so that I can pop in to their offices if required.
Most conveyancing panel lawyers for mortgage companies conduct all of the communications through the post, internet or over phone calls. This enables them to undertake the conveyancing transaction no matter where you live in the country. However you should see if you can still book an appointment to visit conveyancing lawyer if you prefer.
I have a 4 bedroom Edwardian house in Reading. Conveyancing lawyer acted for me and Clydesdale. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, the second leasehold with the exact same address. If a house is not a freehold shouldn't I have been informed?
You need to 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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Reading and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the situation with your conveyancing solicitor who conducted the conveyancing.
Just had an offer accepted on a new build flat in Reading. Conveyancing is daunting 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.
Set out below are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Reading
Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please confirm the Lease plans are architect prepared. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
What are the frequently found defects that you come across in leases for Reading properties?
There is nothing unique about leasehold conveyancing in Reading. All leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:
A provision to repair to or maintain parts of the property A provision for the recovery of money spent for the benefit of another party.
You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Norwich and Peterborough Building Society, and Aldermore all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the buyer to pull out.
I own a ground floor flat in Reading, conveyancing having been completed in 2002. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Reading with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease runs out on 21st October 2096
With only 75 years unexpired the likely cost is going to span between £8,600 and £9,800 plus costs.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.
I am buying a property and require a conveyancing solicitor in Reading who is on the bank solicitor panel. Can you recommend a Reading or local Reading solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for the lender who do conveyancing in Reading. We dont recommend any particular conveyancing practice.