My grandson is buying a house that has just been built in Beaufort with a mortgage from Leeds Building Society. His lawyer has advised him of a delay in receiving 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 Leeds Building Society 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 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.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what should have been a simple, chain free conveyancing. Beaufort is the location of the property. Can you shed any light on this issue?
Flying freeholds in Beaufort are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Beaufort you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Beaufort may decide 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 premises.
I'm converting the mortgage on my existing home to a buy to let loan with Coventry Building Society and I will use the ballance of the raised equity towards a second property. The neighborhood we are talking about is Beaufort. Will your lawyers be able to act for both sets of mortgage companies and link together the transactions?
Do use our search tool on this site to ensure that the conveyancers are approved by both banks. Having checked that they are the solicitor should be able to simultaneously deal with the two conveyancing matters but you should have a chat with you solicitor and make clear your desired outcome and needs.
I need to appoint a conveyancing solicitor for my conveyancing in Beaufort. I have chance upon a site which looks to be the perfect solution If it is possible to get all this stuff completed via email that would be ideal. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am a negotiator for a reputable estate agent office in Beaufort where we have experienced a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Beaufort conveyancing solicitors. Please can you confirm whether the vendor 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 kick-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 simultaneously with completion of the disposal of the property.
Alternatively, it may be possible 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.
Beaufort Leasehold Conveyancing - Examples of Queries before buying
In the main the cost for major works tend not to be wrapped into the service charges, although there some managing agents in Beaufort obliged leaseholders to contribute towards a sinking fund and this is used to offset against larger works. It is important to be aware whether fixing the lift or some other major work is anticipated to be shared amongst the tenants and will materially increase the the service fees or require a specific payment. The prefered form of lease structure is a share of the freehold. In this scenario the leaseholders enjoy being in charge if their destiny and notwithstanding that a managing agent is usually retained where it is bigger than a house conversion, the managing agent acts for the leaseholders themselves.