Our son-in-law is purchasing a newly built flat in Broughton Astley with a home loan from Principality. His solicitor has advised him of a delay in receiving 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 purchase. Therefore, it will be provided to your son’s lawyer who should be on the Principality conveyancing panel as a standard part of the process, and to the valuer when asked. 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 Principality conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I own a freehold residence in Broughton Astley yet pay rent, why is this and what is this?
It is rare for properties in Broughton Astley and has limited impact for conveyancing in Broughton Astley but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
Do I need to be concerned that estate agents that I am dealing with are suggesting a national conveyancing firm rather than a local Broughton Astley conveyancing company?
As with lots of professional services, often recommendations from family and friends can be worth their weight in gold. But there are lots of players in a conveyancing transaction; estate agents, financial adviser and mortgage companies may put forward conveyancers to use. Sometimes these lawyers might be known to one of the organisations as experts in their field, but occasionally there behind the scenes commercial relationship behind the recommendation. You have the discretion to select your preferred lawyer. However, bear in mind that many banks operate an approved list of law firms you must use for the mortgage related work in your transaction.
As co-executor for the will of my uncle I am disposing of a property in Cardiff but I am based in Broughton Astley. My lawyer (approximately 260 kilometers from meneeds me to execute a statutory declaration before the transaction finalising. Could you suggest a conveyancing solicitor in Broughton Astley to attest and place their company stamp on the document?
strictly speaking you are not likely to need to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will be fine regardless of whether they are located in Broughton Astley
Last March I purchased a leasehold flat in Broughton Astley. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Broughton Astley Leasehold Conveyancing - Examples of Questions you should ask before Purchasing
Does this lease have more than 85 years unexpired? Are there any major works on the horizon that will increase the service fees? Who manages the block?