Our son-in-law is buying a house that has just been built in Topsham with a home loan from Aldermore. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Aldermore 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 Aldermore conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Me and my brother purchased a terraced Georgian property in Topsham. Conveyancing solicitor acted for me and Barclays . I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, another for leasehold with the matching property. If a house is not a freehold shouldn't I have been informed?
You need to read the Freehold register you have again and check the Charges Register as there may be 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 Topsham and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the position with the conveyancing practitioner who conducted the conveyancing.
I've recently found out that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a quick, no chain conveyancing. Topsham is where the house is located. What do you suggest?
Flying freeholds in Topsham are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Topsham you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Topsham 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 premises.
In what way can the Landlord & Tenant Act 1954 affect my commercial offices in Topsham and how can you help?
The 1954 Act affords protection to commercial lessees, giving them the legal entitlement to make a request to court for a new tenancy and continue in occupation when the lease reaches an end. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Topsham is one of the numerous areas of the UK in which the firms we work with are located
I need to find a conveyancing solicitor for freehold conveyancing in Topsham. I have discover a web site which seems to have the ideal solution If it is possible to get all this stuff completed via web that would be preferable. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am employed by a long established estate agency in Topsham where we have experienced a number of flat sales jeopardised as a result of short leases. I have received conflicting advice from local Topsham conveyancing solicitors. Can you clarify whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Leasehold Conveyancing in Topsham - A selection of Questions you should ask Prior to Purchasing
Does the lease include onerous restrictions? How much is the yearly service fee and ground rent? You should be aware that where the lease has less than eighty years it will affect the salability of the flat. Check with your mortgage company that they are willing to to proceed given the lease term. A short lease means that you will almost definitely need a lease extension at some point and it is worth finding out what this will be. Remember, in most cases you would need to own the property for a couple of years before you are eligible to extend the lease.