My god-son is purchasing a new build apartment in Beaufort with a home loan from Nationwide. His lawyer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document 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 Nationwide 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 Nationwide conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My lawyer in Beaufort is not listed on the Halifax Approved Panel. Is it possible for me to continue with my prefered solicitor even though they are excluded from the Halifax list of approved lawyers?
Your options are as follows:
- Complete the purchase with your preferred Beaufort lawyers but Halifax will need to use a conveyancer on their list of acceptable firms. This will result in additional total conveyancing charges and cause delays.
- Choose an alternative lawyer to to deal with the conveyancing, remembering to check they are Persuade your conveyancer to do everything within their powers to join the Halifax conveyancing panel
We are getting the release of further monies on our home loan from Nottingham as we wish to carry out renovations to our home in Beaufort. Do we need to choose a local Beaufort solicitor on the Nottingham conveyancing panel to deal with the paperwork?
Nottingham would not normally require a member of their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Nottingham panel.
I am buying a property in Beaufort. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Virgin Money be concerned?
As you are obtaining a mortgage with Virgin Money your lawyer must follow the conveyancing requirements contained in Section two of UK Finance Lenders’ Handbook for Virgin Money. The Council of Mortgage Lenders’ Handbook includes minimum provisions for solar panel roof-space leases, and solicitors are required to report to Virgin Money where a lease fails to satisfy these requirements. The conditions relate to the installation of panels on properties nationwide and is not limited to Beaufort.
I had an offer accepted on a property in Beaufort on 11/11/2021, valuation was booked 2 days after, received a clean bill of health. Property lawyer retained, so all that was missing was my mortgage offer. Having made daily calls to Barclays and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Barclays conveyancing panel. Are Barclays entitled to hold back the Mortgage pending the lawyer being on the approved list?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Barclays to deal with your lawyer's application to be on the Barclays conveyancing panel. There's no guarantee that your solicitor will be accepted.
Due to the encouragement of my in-laws I had a survey completed on a property in Beaufort in advance of appointing lawyers. I have been advised that there is a flying freehold aspect to the property. Our surveyor advised that some mortgage companies tend refuse to grant a mortgage on this type of house.
It depends who your proposed lender is. Lloyds has different requirements for example to Nationwide. If you call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Beaufort. Conveyancing will be smoother if you use a solicitor in Beaufort especially if they are acquainted with such properties in Beaufort.
Estate agents have just been given the go-ahead to market my 2 bed apartment in Beaufort. Conveyancing is yet to be initiated, but I have just received a yearly service charge demand – what should I do?
It best that you discharge the maintenance contribution as usual given that all rents and service charges should be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am the registered owner of a 1st floor flat in Beaufort, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Beaufort with an extended lease are worth £186,000. The average or mid-range amount of ground rent is £55 levied per year. The lease finishes on 21st October 2074
With only 52 years unexpired the likely cost is going to span between £29,500 and £34,000 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.