Our son is about to exchange on a new build apartment in Borth Y Gest with a mortgage from TSB. His solicitor has said that there is a delay in completing 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 purchase. Therefore, it will be provided to your son’s lawyer who should be on the TSB 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 TSB conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
A friend informed me that in buying a property in Borth Y Gest there could be various restrictions preventing external alterations to a property. Is this right?
We are aware of a number of properties in Borth Y Gest which have some sort of restriction or requirement of consent to perform external variations. Part of the conveyancing in Borth Y Gest should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I have decided to exercise my right to buy my property in Borth Y Gest off the council. I have a mortgage agreed with Bank of Ireland. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Bank of Ireland, you will need to appoint a solicitor on the Bank of Ireland conveyancing panel.
I had an offer accepted on an apartment in Borth Y Gest on 21/12/2018, valuation was booked 2 days after, all came back fine. Solicitor instructed, so the only thing outstanding was my mortgage offer. Having made daily calls to Nottingham and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Nottingham conveyancing panel. Are Nottingham 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 Nottingham to deal with your lawyer's application to be on the Nottingham conveyancing panel. There's no guarantee that your solicitor will be accepted.
Despite weeks of looking the Title Certificate and documents to my home are lost. The lawyers who conducted the conveyancing in Borth Y Gest 5 years ago no longer exist. What do I do?
As long as you have a registered title the information relating to your proprietorship will be evidenced by the Land Registry under a Title Number. It is easy to execute a search at the Land Registry, locate your house and get current copies of the Registered Entries for less than a fiver. If the title is Leasehold then the Land Registry will also normally retain a file duplicate of the Registered Lease and again, a copy can be obtained for twenty pounds.
I have been on the look out for a ground for flat up to £195,000 and identified one near me in Borth Y Gest I like with open areas and transport links in the vicinity, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Borth Y Gest in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a mortgage the shortness of the lease may be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
Can you provide any top tips for leasehold conveyancing in Borth Y Gest with the intention of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Borth Y Gest can be avoided if you get in touch lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the buyers’ lawyers. A minority of Borth Y Gest leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. If there is a history of conflict with your landlord or managing agents it is essential that these are resolved before the property is put on the market. The purchasers and their solicitors will be concerned about purchasing a flat where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than ongoing. If you are supposed to have a share in the Management Company, you should ensure that you hold the original share certificate. Organising a new share certificate can be a lengthy process and delays many a Borth Y Gest home move. Where a new share is needed, do contact the company director and secretary or managing agents (where applicable) for this as soon as possible.
I invested in buying a split level flat in Borth Y Gest, conveyancing was carried out June 1999. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Borth Y Gest with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease runs out on 21st October 2080
With only 61 years left to run we estimate the premium for your lease extension to be between £19,000 and £22,000 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.