Our son is in the process of securing a newly built flat in Rednal with a home loan from Santander. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
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 Santander 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 Santander conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Why do I have to pay up front for conveyancing in Rednal?
Where you are retaining lawyers for conveyancing in Rednal your lawyer will ask you put them with monies to cover the the cost of the conveyancing searches. Ordinarily this is requested to cover the fees of the conveyancing searches. If any deposit is as part of the sale price then this should be needed immediately ahead of exchange of contracts. The final balance that is needed should be transferred shortly before completion.
I am buying a property and the lawyer has referenced Chancel Repair for which the property may be obligated to contribute to given it’s proximity to the area of such a church. He has recommended insurance. Is this strictly appropriate for conveyancing in Rednal
Unless a previous purchase of the house completed after 12 October 2013 you could expect conveyancing practitioners handling conveyancing in Rednal to remain encouraging a chancel search and or insurance against a claim.
It has been 2 months since my purchase conveyancing in Rednal completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. 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 property 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.
Just had an offer accepted on a new build flat in Rednal. Conveyancing is necessary evil 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 conveyancing.
Set out below is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Rednal
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Please confirm the Lease plans are surveyor prepared. Please supply a car parking plan. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? There must be mutual enforceability of lessee’s covenants. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
Last January I purchased a leasehold flat in Rednal. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Rednal Leasehold Conveyancing - A selection of Questions you should consider Prior to Purchasing
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Who manages the building? The prefered form of lease arrangement is where the freehold title is owned by the leaseholders. In this situation the tenants benefit from being in charge if their destiny and even though a managing agent is often employed where it is larger than a house conversion, the managing agent retained by the leaseholders. Does the lease contain onerous restrictions?