My nephew is about to exchange on a newly built flat in Ruxley with a mortgage from HSBC. His lawyer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form 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 HSBC 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 HSBC 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 my conveyancing in Ruxley?
If you are buying a property in Ruxley your lawyer will ask you put them with funds to cover the search fees. This will be the total of the cost of the Local Authority Search. When the down payment is payable against the purchase price then this will be required immediately ahead of exchange of contracts. Any further balance that is needed should be transferred a couple of days ahead of the day of completion.
My wife and I purchased a 4 bedroom Edwardian property in Ruxley. Conveyancing practitioner represented me and Nationwide Building Society. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, the second leasehold under the matching property. Is it worth asking Nationwide Building Society to clarify?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Ruxley and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the position with your conveyancing practitioner who conducted the conveyancing.
How does conveyancing in Ruxley differ for newly converted properties?
Most buyers of new build residence in Ruxley approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is ready to move into. This is because house builders in Ruxley usually acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Ruxley or who has acted in the same development.
Am I better off to appoint a Ruxley conveyancing lawyer who is local to the property I am purchasing? We have a good friend who can perform the conveyancing but his firm is located approximately 350kilometers drive away.
The benefit of a high street Ruxley conveyancing practice is that you can pop in to execute paperwork, hand in your identification documents and apply pressure on them where appropriate. They will also have local knowledge which is a bonus. However it's more important to get someone that will pull out all the stops for you. If you know people who used your friend and they were content that should outweigh using an unknown Ruxley conveyancing solicitor just because they are local.
Looking forward to complete next month on a garden flat in Ruxley. Conveyancing solicitors 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?
Your report on title for your leasehold conveyancing in Ruxley should include some of the following:
-
Ground rent - what is due and when is collected, and also know whether this will change in the future Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? Whether the lease restricts you from subletting the flat, or working from home What you can do if a neighbour breaches a clause of their lease? What the implications are if you have violated the provisions of the lease?
I have had difficulty in trying to purchase the freehold in Ruxley. Can this matter be resolved via the Leasehold Valuation Tribunal?
Absolutely. We can put you in touch with a Ruxley conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Ruxley property is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case affected 1 flat.