Our son-in-law is purchasing a house that has just been built in Birtley with a mortgage from Barclays. His lawyer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Barclays 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 Barclays conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I need some quick conveyancing in Birtley as I am under a deadline to exchange contracts in less than one month. A home loan is not required. Can I avoid the conveyancing searches to save fees and time?
If.Given you are not obtaining a home loan you have the choice not to do searches although no conveyancer would suggest that you don't. Drawing on our experience of conveyancing in Birtley the following are instances of what can crop up and therefore impact future saleability: Refused Planning Applications, Outstanding Fees, Overdue Grants, Unadopted Roads,...
I am looking for a ground for flat up to £245,000 and found one close by in Birtley I like with amenity areas and station in the vicinity, however it only has 61 years unexpired on the lease. I can't really find anything else in Birtley suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan that many years will be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
I am tempted by the attractive purchase price for a couple of apartments in Birtley both have about fifty years unexpired on the lease term. Will this present a problem?
There are plenty of short leases in Birtley. The lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the saleability of the lease decreases and it becomes more costly to extend the lease. This is why it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field.
I acquired a 2 bed flat in Birtley, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Birtley with a long lease are worth £202,000. The average or mid-range amount of ground rent is £60 yearly. The lease runs out on 21st October 2075
With just 56 years remaining on your lease we estimate the premium for your lease extension to span between £29,500 and £34,000 as well as legals.
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 detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
I am buying a flat with all finances in place. I have provided solicitor with 2 separate proof of photo identification, bank statement, endless utility bills. Now he needs a copy from a probate lawyer advising that the funds are legitimate and that it has come from inheritance and not dealing E's in Ibiza.
For some years now requires conveyancing solicitors as well as banks, building societies and other financial institutes to obtain satisfactory evidence of the identity of the client. This is because solicitors who deal with money and property on behalf of their clients can be used by criminals wishing to launder money. In order to comply with the law of money laundering, your Birtley conveyancing lawyer will need to obtain evidence of your identity as as well as make sure that your funds are legitimate.