Our god-son is purchasing a newly built flat in Abertillery with a mortgage from Leeds Building Society. His conveyancer has said that there is 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 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 Leeds Building Society 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 Leeds Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Due to the advice of my in-laws I had a survey completed on a house in Abertillery in advance of instructing conveyancers. I have been advised that there is a flying freehold overhang to the property. The surveyor has said that some mortgage companies may not issue a mortgage on a flying freehold home.
It depends who your proposed lender is. Lloyds has different requirements for example to Nationwide. If you e-mail us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Abertillery. Conveyancing will be smoother if you use a solicitor in Abertillery especially if they are acquainted with such properties in Abertillery.
I am looking into buying my first house which is in Abertillery and I am already nervous. I couldn't find anything specific about Abertillery. Conveyancing will be needed in due course but do you know about the Abertillery area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Abertillery. In the meantime here are some basic statistics that we found
I am looking at a couple of apartments in Abertillery both have approximately fifty years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Abertillery is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most buyers and banks, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Abertillery conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Leasehold Conveyancing in Abertillery - Examples of Questions you should ask before Purchasing
What restrictions are contained in the Abertillery Lease? Plenty Abertillery leasehold flats will incur a service bill for maintenance of the building levied on behalf of the management company. Where you purchase the apartment you will have to pay this charge, usually quarterly accross the year. This can differ from two or three hundred pounds to thousands of pounds for buildings with lifts and large common areas. In all likelihood there will be a rentcharge to be met yearly, this is usually not a large amount, say around £50-£100 but you need to check as sometimes it could be prohibitively expensive. Its a good idea to discover as much as possible about the company managing the building as they will affect your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to practical issues such as the upkeep of the common parts. Enquire of other people what they think of their management. On a final note, be sure you discover the dates that the maintenance charges are due to the appropriate party and specifically what it includes.
How much experience do your Abertillery conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Abertillery conveyancing lawyers help thousands of people move home every year and assisted plenty of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Abertillery conveyancers have worked on recent similar cases.