Our god-son is buying a new build apartment in Grange Park with a mortgage from Kent Reliance. His conveyancer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?

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 Kent Reliance 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 Kent Reliance conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.

I own a freehold premises in Grange Park yet charged rent, why is this and what is this?

It’s unusual for properties in Grange Park and has limited impact for conveyancing in Grange Park 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 lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.

What happens if my solicitor is suspended from the Coventry BS Conveyancing panel ahead of completing my conveyancing in Grange Park?

First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.

I just bought a house at auction in Grange Park. Conveyancing is required. What are my next steps?

Now that you have legally bound yourself to purchase you must hire the services of a conveyancing practitioner as a matter of priority as you will have a pending deadline in which to complete the purchase. An auction property will have a corresponding auction pack. This will include most,if not all of the paperwork that your lawyer requires. Where you are dealing with leasehold premises the legal pack should contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to a leasehold property. You must pass this on to your appointed conveyancing solicitor as soon as possible. Do make sure that you have funds organised to complete on the date specified in the contract.

My stepmother pointed out to me me that in buying a property in Grange Park there may be a number of restrictions preventing external alterations to the property. Is this right?

We are aware of anumerous of properties in Grange Park which have some sort of restriction or requirement of consent to external changes. Part of the conveyancing in Grange Park should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.

I'm the single recipient of my late father’s will and I have everything in my name alone, including the house in Grange Park. The Grange Park property was put into my name in October. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', which means that my proprietorship may be regarded the same way as though I had purchased the house in October. Will no one buy the property for half a year?

The CML handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. How sensible a view banks take of it, depend on the mortgage company as this requirement chiefly exists to pick up on subsales or the wholesaling and assigning of property.

I am attracted to a two flats in Grange Park which have in the region of forty five years remaining on the lease term. Do I need to be concerned?

There is no doubt about it. A leasehold flat in Grange Park is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of buyers and banks, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 a residence 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 Grange Park conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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 have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Grange Park conveyancing firm to assist?

Where there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to judgment on the price.

An example of a Lease Extension case for a Grange Park property is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case affected 1 flat. The unexpired lease term was 81.79 years.