Our son-in-law is about to exchange on a new build apartment in Sleaford with a mortgage from Yorkshire BS. His conveyancer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
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 Yorkshire BS conveyancing panel as a standard part of the process, and to the surveyor 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 Yorkshire BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
About to place an offer on a leasehold apartment in Sleaford. The estate agents say that it is the norm for flats in Sleaford to have less than 75 years left on the lease. I am getting a loan with Tesco Bank. Is this going to be a problem if the lease has 72 years unexpired.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 26/2/2025 the requirements read as follows :
Can you point me to a directory of Bank of Ireland panel conveyancers in Sleaford on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such facility on the Council of Mortgage Lenders or Building Society Association websites. Very few lending institutions make their panel listings available over the internet. Where you are in need of a Sleaford conveyancing practitioner on the Bank of Ireland please make the most of our facility.
is it true that all Sleaford solicitors on the Nottingham conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Nottingham conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. Many banks do allow licenced conveyancers on their panel in which case such practice would be overseen by the Council of Licensed Conveyancers.
Our sealed bid on a detached house in Sleaford has been accepted, but there is a chain. The owners have offered on a property, however it’s not yet agreed to, and have viewings of other apartments in the pipeline. I have chosen a bricks and mortar conveyancing solicitor in Sleaford. What should be my next step? When should I get the mortgage application with RBS started?
It is normal to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx one thousand pounds, then survey, Sleaford conveyancing search charges, etc). The first course of action is to check that your lawyer is on the RBS conveyancing panel. Concerning the subsequent steps this very much dictated by the specifics of your transaction, motivation for the property and on the state of the market. In a rising market some home buyers will apply for a home loan with RBS and pay for the valuation and only if it comes back ok would they request their property lawyer to proceed with the conveyancing in Sleaford.
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a straight forward, chain free conveyancing. Sleaford is where the house is located. Is there any guidance you can give?
Flying freeholds in Sleaford are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Sleaford you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sleaford may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Can you provide any advice for leasehold conveyancing in Sleaford with the purpose of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Sleaford can be bypassed where you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the purchasers’ solicitors. If you hold a share in a the freehold, you should ensure that you have the original share document. Organising a replacement share certificate can be a lengthy formality and delays many a Sleaford home move. Where a new share certificate is required, you should approach the company officers or managing agents (if applicable) for this as soon as possible. You believe that you know the number of years left on your lease but you should verify this by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is under 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. The majority of landlords or managing agents in Sleaford levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Sleaford. A minority of Sleaford leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
I bought a garden flat in Sleaford, conveyancing was carried out in 2008. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Sleaford with over 90 years remaining are worth £211,000. The ground rent is £50 invoiced every year. The lease ends on 21st October 2093
With just 68 years remaining on your lease we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as costs.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.