My son is in the process of securing a house that has just been built in Mersea Island with a home loan from Coventry BS. His conveyancer has said that there is a delay in completing 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 purchase. Therefore, it will be provided to your son’s lawyer who should be on the Coventry BS 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 Coventry BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
When will exchange of contracts take place for sale conveyancing in Mersea Island and do I need to be at the conveyancers branch?
Where you are local to one of the conveyancing solicitors in Mersea Island you are welcome to attend to sign the paperwork. However, the law practices we work with supply a national conveyancing service and give just as comprehensive and professional a job for you when dealing with you digitally. The signing of the contract is not the point of no return. A signed contract is necessary for the firm to exchange contracts when the time is right, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where an extended "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Mersea Island)to be in the office at the appropriate time.
How does conveyancing in Mersea Island differ for newly converted properties?
Most buyers of new build property in Mersea Island approach us having been asked by the developer to sign contracts and commit to the purchase even before the property is completed. This is because new home sellers in Mersea Island usually acquire 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 Mersea Island or who has acted in the same development.
I am a negotiator for a long established estate agency in Mersea Island where we have experienced a few flat sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Mersea Island conveyancing solicitors. Can you shed some light as to whether the owner of a flat can start the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Mersea Island Leasehold Conveyancing - Sample of Queries Prior to buying
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You will want to find out as much as possible regarding the company managing the block as they can either make your life much simpler or much more difficult. Being a leasehold owner you are often in the clutches of the managing agents both financially and when it comes to every day matters like the tidiness of the common parts. Enquire of other tenants what they think of their service. Finally, investigate as to the dates that you are obliged pay the service charge to the managing agents and specifically what you get for your money. The answer will be helpful as a) areas may cause problems in the building as the common areas may start to deteriorate if repairs are not paid for b) if the tenants have a dispute with the managing agents you will wish to have all the details Are any of leasehold owners in dispute over their service charge liability?
I bought a property in Mersea Island last 8/9/2023 and to date it is still not recorded with the Land Registry. It is part of a development site and my conveyancing practitioner told me that it may take twelve months to complete the registration formalities. I have spoken with HMLR directly and they have informed me the initial application was cancelled due to failure to reply to requisitions. What can I do?
It is your property lawyer that you really need to get in touch with in order to satisfy any concerns which have been raised as part of the registration formalities for your Mersea Island property. Normal Mersea Island conveyancing practice includes an undertaking on the part of the previous owner’s conveyancing practitioner that they will help resolve any registration raised by HMLR so it may be a case of seeking to enforce that undertaking if necessary.