Our son is about to exchange on a new build apartment in Yarmouth with a home loan from . His solicitor has said that there is a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 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 conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I purchased a freehold residence in Yarmouth but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Yarmouth and has limited impact for conveyancing in Yarmouth but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
Various online forums that I have frequented warn that are the number one cause of delay in Yarmouth conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances during the legal transfer of property. Searches are unlikely to be the root cause of holding up conveyancing in Yarmouth.
My wife and I have a terraced Georgian house in Yarmouth. Conveyancing lawyer acted for me and . I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, another for leasehold with the matching address. I'd like to know for sure, how can I find out??
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Yarmouth and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the situation with the conveyancing lawyer who conducted the conveyancing.
I purchased a flat in Yarmouth last and to date it is still not registered with HM Land Registry. It was part of a development site and my told me that it can take twelve months to complete the registration formalities. I have contacted 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 that you must contact in order to satisfy any issues which have arisen as part of the registration formalities for your Yarmouth property. Normal Yarmouth conveyancing practice includes an undertaking on the part of the seller's that they will help resolve any requisition raised by HMLR so it may be a case of taking action to enforce that undertaking in some way.