Our son-in-law is buying a newly built flat in Dereham with a home loan from Coventry BS. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form 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 Coventry BS 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 Coventry BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am the registered owner of a freehold house in Dereham but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Dereham and has limited impact for conveyancing in Dereham 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 date back many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
Despite weeks of looking the Title Certificate and documents to my home can not be found. The conveyancers who did the conveyancing in Dereham 10 years ago have long since closed. Will I be able to sell the house?
As long as the title is registered the information relating to your proprietorship will be evidenced by the Land Registry under a Title Number. It is easy to conduct a search at the Land Registry, identify your house and obtain current copies of the property title for a small fee. Where the title is Leasehold then the Land Registry will in most cases hold a certified duplicate of the Registered Lease and again, a copy can be obtained for a small fee.
I've recently found out that there is a flying freehold issue on a house I put an offer in last month in what should have been a straight forward, no chain conveyancing. Dereham is the location of the property. Is there any guidance you can give?
Flying freeholds in Dereham are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Dereham you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Dereham 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.
All being well we will complete the sale of our £475,000 garden flat in Dereham in just under a week. The landlords agents has quoted £336 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Dereham?
For most leasehold sales in Dereham conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
Answering conveyancing due diligence questions
Where consent is required before sale in Dereham
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Dereham - Examples of Queries Prior to Purchasing
How many of the leaseholders are in arrears for their maintenance charge payments? It is important to be aware whether a new roof is being put on or some other significant cost is anticipated that will be shared by the tenants and will materially impact the level of the maintenance costs or result in a specific invoice. In the main the cost for major works are not wrapped into the maintenance charges, although some managing agents in Dereham require tenants to pay into a sinking fund created for the specific purpose of establishing a fund for major works.