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Find a Ivybridge Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Ivybridge? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Ivybridge conveyancing at risk of delay or failure.

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Recently asked questions about conveyancing in Ivybridge

My son-in-law is purchasing a newly built flat in Ivybridge with a mortgage from Bank of Ireland. His solicitor 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 Bank of Ireland 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 Bank of Ireland conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.

Is there a reason why leasehold purchase conveyancing in Ivybridge is more expensive?

Ivybridge leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.

I have a renovated Edwardian property in Ivybridge. Conveyancing solicitor acted for me and Chelsea Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, the second leasehold under the exact same address. I'd like to know for sure, how can I find out??

You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Ivybridge and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the situation with the conveyancing lawyer who conducted the purchase.

Due to the guidance of my in-laws I had a survey completed on a property in Ivybridge prior to instructing conveyancers. I have been advised that there is a flying freehold element to the house. Our surveyor has said that some mortgage companies tend not give a loan on a flying freehold premises.

It depends who your proposed lender is. Bank of Scotland has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Ivybridge. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Ivybridge to see if the conveyancing will be more expensive.

I own a leasehold flat in Ivybridge. Conveyancing and Norwich and Peterborough Building Society mortgage organised. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Ivybridge who previously acted has long since retired. Any advice?

The first thing you should do is make enquiries of HMLR to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Ivybridge conveyancing solicitor to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

Ivybridge Leasehold Conveyancing - Examples of Queries before buying

    Who takes responsibility for maintaining and repairing the block? Where a Ivybridge lease has fewer than 80 years it will have adverse implications on the value of the apartment. It is worth checking with your lender that they are willing to lend given the lease term. A short lease means that you will most likely have to extend the lease at some point and you need to have some idea of how much this would cost. For most Ivybridgelease extensions you will be be obliged to have been the owner of the premises for a couple of years in order to be entitled to extend the lease. Most Ivybridge leasehold apartments will be liable to pay a service charge for the upkeep of the block invoiced by the freeholder. If you acquire the flat you will have to pay this charge, normally quarterly throughout the year. This may be anything from two or three hundred pounds to thousands of pounds for blocks with lifts and large common grounds. There will also be a ground rent for you to pay yearly, this is usually not a significant amount, say about £25-£75 but you should to enquire as sometimes it could be surprisingly expensive.

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Find out more about how flying freehold can affect your the value of a property.