My son-in-law is buying a house that has just been built in Upper Norwood with a mortgage from TSB. His conveyancer has advised him of 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 document 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 TSB 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 TSB conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
The deeds to our home can not be found. The lawyers who did the conveyancing in Upper Norwood 5 years ago no longer exist. What are my options?
Assuming the title is registered the details of your proprietorship will be retained by the Land Registry with a Title Number. It is possible to execute a search at the Land Registry, find your house and obtain up to date copies of the Registered Entries for a small fee. Where the property is Leasehold then the Land Registry will usually retain a certified duplicate of the Registered Lease and again, a copy can be retrieved for £20 inclusive of VAT.
Yesterday I discovered that there is a flying freehold element on a property I have offered on a fortnight ago in what should have been a straight forward, no chain conveyancing. Upper Norwood is where the house is located. What do you suggest?
Flying freeholds in Upper Norwood are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Upper Norwood you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Upper Norwood may decide 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 property.
I'm refinancing my primary home to a buy to let mortgage with Barnsley Building Society and I will use the ballance of the raised equity as a deposit on further property. The area we are interested in is Upper Norwood. Will your lawyers be able to act for both sets of lenders and tie in the conveyances?
Make use of our search tool on this site to be sure that the conveyancers are on the relevant lender panels. Having checked that they are your solicitor should be able to simultaneously deal with the two deals but you should have a chat with you conveyancer and communicate your expectations and requirements.
My husband and I are FTB’s - agreed a price, but the property agent has warned us that the vendor will only go ahead if we use the agent's recommended lawyers as they are insisting on an ‘expedited deal’. Our preferred option is to instruct a local solicitor with experience of conveyancing in Upper Norwood
We suspect that the owner is not behind this request. Should the seller desire ‘a quick sale', alienating a genuine buyer is counter productive. Try to communicate with the owners directly and make sure they understand (a)you are genuine buyers (b)you are excited to move forward, with finances arranged © you are chain free (d) you wish to move quickly (e)however you intend to instruct your own,trusted Upper Norwood conveyancing firm - not the ones that will provide their estate agent a commission or hit his conveyancing targets demanded by senior management.
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Upper Norwood. Conveyancing lawyers have are about to be appointed. Will they explain the issues?
The majority of houses in Upper Norwood are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can help the conveyancing process. It is clear that you are purchasing in Upper Norwood so you should seriously consider looking for a Upper Norwood conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’spermission to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer should report to you on the legal implications.
We have reached the end of our tether in negotiating a lease extension in Upper Norwood. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to calculate the amount due.
An example of a Lease Extension matter before the tribunal for a Upper Norwood flat is Flats 55, 67 & 70 Melbourne Court Anerley Road in July 2013. The tribunal calculated that the premium for the extended lease at £48,366.00 for at 55, and £88,329.00 for ats 67 and 70 combined. This case affected 1 flat. The number of years remaining on the existing lease(s) was 26.38 years.