My nephew is in the process of securing a house that has just been built in Ruddington with a home loan from Barclays. His conveyancer has said that there is a delay in receiving 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 Barclays conveyancing panel as a standard part of the process, and to the surveyor when requested. 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 have justdiscovered that Arc property Solicitors have closed. They carried out my conveyancing in Ruddington for a purchase of a leasehold apartment 10 months ago. How can I be sure that the property is not still registered in the name of the previous owner?
The quickest way to check if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Ruddington conveyancing specialists.
I've recently found out that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a straight forward, no chain conveyancing. Ruddington is where the house is located. Is there any advice you can impart?
Flying freeholds in Ruddington are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ruddington you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ruddington may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
How can the Landlord & Tenant Act 1954 affect my business offices in Ruddington and how can you help?
The particular law that you refer to affords protection to business leaseholders, giving them the legal entitlement to apply to court for a renewal tenancy and remain in occupation when the lease reaches an end. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing solicitors who use the act to your advantage and handle your commercial conveyancing in Ruddington
Looking forward to complete next month on a studio apartment in Ruddington. Conveyancing lawyers inform me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Ruddington should include some of the following:
-
Will you be prohibited or prevented from having pets in the property? The landlord’s rights to access the premises. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. Ground rent - how much and when is collected, and also know whether this will change in the future The unexpired lease term. You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years if lease provides for a reserve fund?
I inherited a basement flat in Ruddington, conveyancing was carried out 9 years ago. How much will my lease extension cost? Corresponding flats in Ruddington with an extended lease are worth £165,000. The average or mid-range amount of ground rent is £50 yearly. The lease terminates on 21st October 2102
With only 77 years remaining on your lease we estimate the price of your lease extension to span between £7,600 and £8,800 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.
Developers have recommended to me a lawyer and I've sought an estimate from them. They are nearly two hundred pounds cheaper than my preferred Ruddington solicitor. Should I use them?
Developers normally have panels of conveyancing practitioners who are quick and who know the builder's documentation and conveyancing practitioner. As many developers offer an incentive to choose their approved lawyer for this reason, any increased cost can be avoided and a developer will not put forward a conveyancing factory and run the risk of having the transaction stall when they need an exchange inside a month. A counter-argument for not opting for the suggested solicitor is that they may be unwilling to 'push' your interests at the risk of alienating the developer. If you worry that this may be the situation you should remain with your high street Ruddington conveyancing practitioner.