Our son-in-law is buying a house that has just been built in Thorpe St Andrew with a home loan from Coventry BS. His conveyancer has advised him of a delay in completing 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 involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Coventry BS 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 Coventry BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
What is the first thing I need to know regarding purchase conveyancing in Thorpe St Andrew?
You may not hear this from too many lawyers but conveyancing in Thorpe St Andrew and elsewhere in Norfolk is often a confrontational experience. Put another way, when it comes to conveyancing there exists lots of room for confrontation between you and others involved in the ownership transfer. For example, the seller, property agent and on occasion a lender. Choosing a law firm for your conveyancing in Thorpe St Andrew should not be taken lightly as your conveyancer is your adviser, and is the ONE party in the process whose role it is to look after your best interests and to keep you safe.
We are witnessing a definite ongoing adversarial element to conveyancing- someone has to be at fault for the process being so protracted. We recommend that you your first instinct should be to trust your solicitor above all other players in the home moving process.
Various web forums that I have visited warn that are the primary reason for delay in Thorpe St Andrew conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not feature within the top 10 causes of hindrances in the conveyancing process. Local searches are not likely to feature in any holding up conveyancing in Thorpe St Andrew.
Taking into account that I will soon spend over three hundred thousand on a two bedroom apartment in Thorpe St Andrew I would like to talk to a conveyancer regarding theconveyancing before giving the go ahead to the firm. Can this be arranged?
Absolutely - it is our preference to talk to you we do not take any clients on without you first talking to the lawyer due to be conducting your property ownership legalities in Thorpe St Andrew.There is no ‘factory style conveyancing’ - every client is unique individual, not a file reference. The solicitors that we put you in touch with believe that the fees you are quoted for your conveyancing in Thorpe St Andrew should be the figure that you end up paying.
I am attracted to a couple of flats in Thorpe St Andrew which have about 50 years remaining on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Thorpe St Andrew is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the value of the premises. The majority of buyers and mortgage companies, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Thorpe St Andrew conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I own a leasehold flat in Thorpe St Andrew, conveyancing was carried out November 2002. Can you work out an approximate cost of a lease extension? Equivalent flats in Thorpe St Andrew with an extended lease are worth £195,000. The average or mid-range amount of ground rent is £45 yearly. The lease expires on 21st October 2088
With just 63 years left to run we estimate the price of your lease extension to span between £16,200 and £18,600 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional 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 based on this information before seeking the advice of a professional.
Whilst your website is a good idea there are many lawyers listed near Thorpe St Andrew being on the lender conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for our lender?
We do not recommend specific Thorpe St Andrew firms as the right Thorpe St Andrew conveyancing solicitor for you depends on where your priorities lie. For example you may require a local firm with Thorpe St Andrew knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..