Our son is in the process of securing a newly built flat in Ventnor with a mortgage from Skipton. His conveyancer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document 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 Skipton 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 Skipton conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Why is leasehold purchase conveyancing in Ventnor is more expensive?
The conveyancing costs for a leasehold premises in Ventnor is often higher when contrasted to a freehold acquisition or disposal. This is due to the supplemental time required in dealing with the landlord and managing agents to obtain evidence concerning whether the rent and service fee have been paid and whether there are any major works due in the foreseeable future on repairs or maintenance of the building.
Should my lawyer be raising enquiries concerning flooding as part of the conveyancing in Ventnor.
Flooding is a growing risk for conveyancers dealing with homes in Ventnor. There are those who buy a property in Ventnor, completely aware that at some time, it may be flooded. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the property. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Lawyers are not best placed to give advice on flood risk, however there are a number of searches that may be initiated by the buyer or by their solicitors which can give them a better appreciation of the risks in Ventnor. The conventional set of completed inquiry forms supplied to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the seller to determine if the premises has ever been flooded. If flooding has previously occurred and is not notified by the owner, then a purchaser may commence a compensation claim stemming from an misleading answer. The buyer’s solicitors should also commission an environmental search. This should reveal if there is any known flood risk. If so, further inquiries will need to be made.
Just had an offer accepted on a new build apartment in Ventnor. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Ventnor
If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please confirm the Lease plans are architect prepared. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
I have been on the look out for a ground for flat up to £305k and identified one close by in Ventnor I like with amenity areas and station in the vicinity, the downside is that it's only got 61 years on the lease. I can't really find anything else in Ventnor in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage the shortness of the lease may be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you could request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £275,000 flat in Ventnor in just under a week. The management company has quoted £300 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Ventnor?
Ventnor conveyancing on leasehold apartments usually necessitates the buyer’s lawyer sending enquiries for the landlord to address. Although the landlord is not legally bound to address these enquiries most will be content to do so. They may levy a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some situations it is above £800. The management information fee levied by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration fees, otherwise the charge is not strictly payable. Reality however dictates that one has no choice but to pay whatever is requested of you if you want to sell the property.
Ventnor Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to Purchasing
How much is the maintenance charge and ground rent on the flat? Please inform me if there are any major works in the near future that will likely add a premium to the maintenance fees? The answer will be useful as a) areas may result in problems for the block as the communal areas may begin to deteriorate where repairs are not paid for b) if the leaseholders have an issue with the managing agents you will wish to have all the details