Our god-son is buying a newly built flat in Harton with a home loan from RBS. His solicitor has said that there is 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 form 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 RBS 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 RBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
What does a local search inform me about the property my wife and I buying in Harton?
Harton conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search company such as PSG The local search is essential in every Harton conveyancing purchase; that is if you wish to avoid any nasty once you have moved into your property. The search will provide data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic sections.
How does conveyancing in Harton differ for new build properties?
Most buyers of new build premises in Harton contact us having been asked by the builder to sign contracts and commit to the purchase even before the house is ready to move into. This is because developers in Harton usually buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Harton or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Harton ahead of appointing conveyancers. I have been informed that there is a flying freehold element to the property. Our surveyor has said that some banks tend refuse to issue a mortgage on a flying freehold house.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Halifax. If you e-mail us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Harton. Conveyancing will be smoother if you use a solicitor in Harton especially if they regularly deal with such properties in Harton.
My wife and I purchased a leasehold flat in Harton. Conveyancing and Britannia mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Harton who acted for me is not around. What should I do?
First contact the Land Registry to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Harton conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I invested in buying a garden flat in Harton, conveyancing formalities finalised 8 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Harton with an extended lease are worth £185,000. The ground rent is £65 invoiced every year. The lease expires on 21st October 2085
With 60 years remaining on your lease we estimate the price of your lease extension to range between £20,000 and £23,000 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.