Our son-in-law is buying a newly built flat in Aigburth with a mortgage from Virgin Money. His conveyancer has advised him of 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 involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Virgin Money conveyancing panel as a standard part of the process, and to the surveyor 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 Virgin Money conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I'm buying a new build house in Aigburth with the aid of help to buy. The builders would not reduce the amount so I negotiated £7000 of additionals instead. The sale representative suggested that I not disclose to my solicitor about this deal as it will affect my mortgage with Barclays Direct. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Am I right to be suspicious that brokers that I am dealing with are suggesting an internet conveyancing firm rather than a High Street Aigburth conveyancing firm?
As with lots of service providers, often referrals from relatives can be most helpful. Nevertheless there are many players in a conveyancing transaction; estate agents, mortgage brokers and mortgage companies might all recommend solicitors to instruct. On occasion these lawyers might be known to one of the organisations as being good in their field, but sometimes there may be a financial incentive behind the recommendation. You have the discretion to select your preferred conveyancer. Don't forget that some mortgage providers specify a panel list of law firms you must use for the lender related work in your conveyancing.
I work for a reputable estate agency in Aigburth where we have witnessed a number of flat sales put at risk due to short leases. I have received inconsistent advice from local Aigburth conveyancing firms. Please can you clarify whether the seller of a flat can start the lease extension process for the buyer?
As long as the seller has been the owner 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 need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
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 buyer.
I inherited a ground floor flat in Aigburth, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Aigburth with an extended lease are worth £216,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2088
You have 68 years left to run we estimate the premium for your lease extension to span between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
I see that you have a search directory identifying firms on the lender conveyancing panel. Do Aigburth conveyancing companies pay you a referral fee if I instruct them for my house purchase?
We are a listing service only for law firms wishing to communicate if they are on the bank conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in Aigburth.