Our grandson is about to exchange on a new build apartment in Silsoe with a home loan from Nottingham. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Nottingham conveyancing panel as a standard part of the process, and to the surveyor 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 Nottingham conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
A friend advised me that where I am buying in Silsoe I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is sometimes included in the estimate for your Silsoe conveyancing searches. It is a large report of more than thirty pages, listing and setting out important information about Silsoe around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Silsoe Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Silsoe Education with maps and statistics, Local Amenities and other useful information regarding Silsoe.
I'm purchasing a new build house in Silsoe benefiting from help to buy. The builders would not move on the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative advised me not disclose to my conveyancer about this deal as it could affect my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the input of my in-laws I had a survey completed on a house in Silsoe ahead of retaining lawyers. I have been informed that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies will not issue a loan on this type of property.
It varies from the lender to lender. Lloyds has different instructions for example to Nationwide. If you call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Silsoe. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Silsoe to see if the conveyancing will be more expensive.
I am looking into buying my first house which is in Silsoe and I am already nervous. I couldn't find anything specific about Silsoe. Conveyancing will be needed in due course but do you know about the Silsoe area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Silsoe. In the meantime here are some basic statistics that we found
My fiance and I may need to let out our Silsoe 1st floor flat temporarily due to a new job. We used a Silsoe conveyancing practice in 2003 but they have closed 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?
Notwithstanding that your previous Silsoe conveyancing solicitor is no longer available you can check your lease to see if you are permitted to let out the property. The rule is that if the deeds are non-specific, subletting is permitted. There may be a precondition that you must obtain permission via your landlord or other appropriate person before subletting. The net result is that you cannot sublet without first obtaining permission. Such consent is not allowed to be unreasonably withheld. If the lease does not allow you to sublet you will need to ask your landlord for their consent.
I own a ground floor flat in Silsoe, conveyancing formalities finalised 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Silsoe with a long lease are worth £202,000. The ground rent is £60 yearly. The lease terminates on 21st October 2076
With just 56 years left to run we estimate the price of your lease extension to be between £29,500 and £34,000 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.