Our son is in the process of securing a new build apartment in Rothley with a home loan from UBS. His conveyancer 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 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 UBS 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 UBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Can you clarify what the consequences are if my solicitor is removed from the Leeds Building Society Conveyancing panel ahead of completing my conveyancing in Rothley?
The first thing to point out is that, this is very unlikely to happen. 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 single recipient of my late grandmother’s will with all property in now in my sole name, including the house in Rothley. Conveyancing formalities meant that the Land Registry date was in December. I want to move. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my proprietorship may be treated the same way as though I had purchased the house in December. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook mandates solicitors 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 caught by that. How sensible a view mortgage companies take of it, depend on the mortgage company as this requirement principally exists to identify subsales or the quick reselling of properties.
I recently had an offer agreed on an apartment in Rothley. My financial adviser suggested a solicitor. I paid an upfront payment of £175. A few days later, the property lawyer called me sheepishly admitting that they were not on the Clydesdale conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Clydesdale panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Nottingham have agreed my mortgage in principle, my offer on a flat in Rothley has been agreed to, now what?
The property agent will want to know who your solicitors are (make sure the conveyancers are on the bank’s approved list). Telephone Nottingham or your financial adviser and complete any outstanding forms. Nottingham will sellect a valuer who will get in contact with the selling agent or vendor to book a time for the valuation to occur. Once carried out (assuming no problems) it takes about a week to get a mortgage offer. Nottingham will issue the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Rothley.
I note that there are debates on Chancel Insurance on online forums. Do I require this when acquiring a residence in Rothley? or Apparently there is historic law that could mean that owners of property living in a parish church boundary may be liable to contribute towards maintenance to the chancel within the church. Is this appropriate for conveyancing in Rothley?
Unless a previous purchase of the house took place after 12 October 2013 you could expect conveyancing practitioners delivering conveyancing in Rothley to continue to recommend a chancel search and or insurance against a claim.
What does commercial conveyancing in Rothley cover?
Rothley conveyancing for business premises covers a wide array of services, given by qualified solicitors, relating to business premises. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
My husband and I may need to rent out our Rothley basement flat temporarily due to a new job. We used a Rothley conveyancing firm in 2004 but they have since shut and we did not think at the time seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Even though your previous Rothley conveyancing solicitor is not available you can review your lease to see if you are permitted to let out the premises. The accepted inference is that if the lease is non-specific, subletting is allowed. There may be a precondition that you are obliged to obtain consent from your landlord or other appropriate person in advance of subletting. The net result is that you cannot sublet in the absence of first obtaining consent. Such consent must not not be unreasonably turned down. If the lease prohibits you from subletting the property you should ask your landlord for their consent.
I bought a ground floor flat in Rothley, conveyancing having been completed 6 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Rothley with a long lease are worth £195,000. The ground rent is £45 yearly. The lease runs out on 21st October 2089
You have 63 years remaining on your lease we estimate the premium for your lease extension to range between £16,200 and £18,600 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.