Our son is buying a new build apartment in Walderslade with a mortgage from Santander. His solicitor 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 transaction. Therefore, it will be provided to your son’s lawyer who should be on the Santander 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 Santander conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I purchased a freehold residence in Walderslade yet charged rent, why is this and what is this?
It is rare for properties in Walderslade and has limited impact for conveyancing in Walderslade but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
When it comes to lenders such as Clydesdale, do Walderslade solicitors have to pay a yearly amount to be on the conveyancing panel?
We are unaware of any bank fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
We were going to get a AIP from Aldermore this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Aldermore recommend any Walderslade solicitors on the Aldermore conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Walderslade solicitors independently although you'll need to choose one on the Aldermore conveyancing panel. The solicitor represents both you and Aldermore through the process.
Completion of my purchase has taken place for my property in Walderslade. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
Almost all lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Team at head office. We understand that complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
I used Arc property Solicitors a few years ago for my conveyancing in Walderslade. Now, I need my documents however the law firm has closed. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Walderslade of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I'm buying my first flat in Walderslade with a loan from Chelsea Building Society. The sellers refused to move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent suggested that I not to tell my lawyer about this deal as it may put at risk my mortgage with the lender. Do I keep my lawyer in the dark?.
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 sign contracts shortly on a basement flat in Walderslade. Conveyancing lawyers have said that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Walderslade should include some of the following:
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The total extent of the premises. This might be the apartment itself but may incorporate a attic or basement if relevant. Defining your legal entitlements in relation to common areas in the block.E.G., does the lease provide for a right of way over a path or hallways? Are pets allowed in the flat? Does the lease prevent you from renting out the property, or having a home office for business Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
I own a 1 bedroom flat in Walderslade, conveyancing formalities finalised in 2001. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Walderslade with a long lease are worth £171,000. The average or mid-range amount of ground rent is £50 levied per year. The lease ceases on 21st October 2103
With only 79 years unexpired the likely cost is going to range between £8,600 and £9,800 plus professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.