Our nephew is in the process of securing a new build apartment in Stalham with a home loan from Lloyds. His conveyancer has said that there is 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 involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Lloyds 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 Lloyds conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My property lawyer in Stalham is not listed on the Nottingham Building Society Conveyancing Panel. Can I still use my family solicitor even though they are not on the Nottingham Building Society panel?
Your options are as follows:
- Complete the purchase with your existing Stalham solicitors but Nottingham Building Society will need to use a solicitor on their panel. This will inevitably rack up the total conveyancing charges and result in frustration.
- Get a new solicitor to to deal with the conveyancing, not forgetting to check they are Persuade your conveyancer to use their best endeavours to join the Nottingham Building Society conveyancing panel
A relative pointed out to me me that in buying a property in Stalham there could be a number of restrictions preventing external changes to a property. Is this right?
We are aware of a number of properties in Stalham which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in Stalham should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We had instructed conveyancers located in Stalham on the Leeds Building Society solicitor panel. They have just billed me a supplemental sum for the legal aspects of the Leeds Building Society mortgage. Is this a supplemental conveyancing fee set by Leeds Building Society?
Provided it is contained in their Terms and Conditions or estimate then yes your conveyancer may charge a fee for this. This charge is not set by Leeds Building Society but by your Stalham lawyer. Plenty of firms on the Leeds Building Society panel will quote ’dealing with mortgage’ fee and others do not.
I'm in the process of viewing houses in Stalham and I am now considering a potential offer. Is it too early to have a solicitor in place? I am planning to take a home loan with HSBC.
It would be wise to start your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the selling agent. As you are getting a mortgage with HSBC, make sure you remember to check that your lawyer is on the HSBC conveyancing panel.
Over the last few months I have been searching for a ground for flat up to £305k and identified one round the corner in Stalham I like with a park and railway links in the vicinity, however it's only got 52 remaining years left on the lease. There is not much else in Stalham suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a home loan the remaining unexpired lease term may be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable price which is making it more attractive. I have just been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Stalham. Conveyancing advisers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Stalham ?
Most houses in Stalham are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Stalham in which case you should be shopping around for a Stalham conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your solicitor should appraise you on the various issues.
I bought a garden flat in Stalham, conveyancing having been completed May 2000. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Stalham with a long lease are worth £227,000. The ground rent is £50 invoiced every year. The lease runs out on 21st October 2097
You have 72 years left to run the likely cost is going to range between £9,500 and £11,000 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.