Our son is purchasing a new build apartment in Rye with a mortgage from Clydesdale. His conveyancer 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 document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Clydesdale conveyancing panel as a standard part of the process, and to the valuer 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 Clydesdale conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We are expecting a mortgage offer soon. The bank mentioned the loan came with free conveyancing. Does this mean I have to instruct their panel conveyancer as I would prefer to use a Rye based conveyancing firm?
You should check but the the probability is that allocate you one of their panel lawyers where you accept the "fee-free" incentive. Speak to the mortgage company to explore if they make available a monetary alternative. Some banks have previously offered a £250 cashback as a further option in which case that money can go towards your preferred conveyancing solicitor in Rye.
My bid for a property was accepted at auction in Rye. Conveyancing is needed. What happens now?
Having exchanged you will need to choose a conveyancing practitioner quickly as you are faced with a pending a fixed date to complete the conveyancing. Every auction property should have a bespoke auction pack. This will include the copy title deeds, local authority and drainage searches. If you have purchased leasehold property the legal papers may include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork pertinent to a leasehold property. You should pass this on to your appointed conveyancing solicitor ASAP. Do make sure that that you have the requisite funding organised to complete the transaction on the set completion date.
I have today made my last payment due on my mortgage with Skipton. I assume I don't need a Rye lawyer on the Skipton panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Skipton mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Skipton mortgage from the register. Skipton, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Skipton has sent the Land Registry the discharge electronically, and
- Skipton has instructed the Land Registry to do so
The mortgage over my property is with Principality for my property in Rye. Conveyancing was finalised some time ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Principality?
Your original mortgage agreement with Principality will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Principality’s mortgage conditions. It may be that Principality will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Principality directly. You need not do this via a Principality conveyancing panel firm.
Are there restrictive covenants that are commonly identified during conveyancing in Rye?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Rye. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Do you have any advice for leasehold conveyancing in Rye from the perspective of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Rye can be avoided where you appoint lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation needed by the buyers’ solicitors. In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Rye state that internal structural changes or addition of wooden flooring require a licence issued by the Landlord consenting to such alterations. If you dont have the consents in place you should not communicate with the landlord without checking with your lawyer in the first instance. The majority of landlords or managing agents in Rye charge for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Rye. You may think that you are aware of the number of years remaining on your lease but you should double-check by asking your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is less than 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.
I purchased a leasehold flat in Rye, conveyancing formalities finalised May 2002. 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? Corresponding flats in Rye with a long lease are worth £186,000. The ground rent is £55 per annum. The lease ceases on 21st October 2073
With 52 years unexpired we estimate the price of your lease extension to span between £29,500 and £34,000 as well as professional fees.
The suggested premium range 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 comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt 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 based on this information before getting professional advice.
Living abroad it is not practicable to attend my Rye conveyancing lawyers office to sign documents connected to my conveyancing in Rye – is this a problem?
Not a problem. Rye conveyancing solicitors can handle conveyancing transactions for clients from a distance. It is not necessary for you to be able to meet your lawyer in the flesh at a Rye conveyancers office. They can handle everything through post, email, telephone and fax.