My son is purchasing a house that has just been built in Four Oaks with a mortgage from Santander. His lawyer has advised him of a delay in receiving 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 purchase. Therefore, it will be provided to your son’s lawyer who should be on the Santander 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 Santander conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
It has been 2 months following my purchase conveyancing in Four Oaks took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking for a flat up to £305k and found one round the corner in Four Oaks I like with open areas and station in the vicinity, the downside is that it's only got 61 years on the lease. I can't really find anything else in Four Oaks suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage the shortness of the lease will likely be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you can ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
We're first time buyers - had an offer accepted, yet the estate agent informed us that the vendor will only proceed if we instruct the agent's recommended conveyancers as they need a ‘quick sale’. Our preferred option is to instruct a family solicitor with experience of conveyancing in Four Oaks
It is unlikely the owners are behind this. Should the seller require ‘a quick sale', taking such a hostile approach to a motivated buyer is is going to put the whole deal at risk. Speak to the owners direct and make sure they comprehend that (a)you are genuine purchasers (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)however you are going to instruct your own,trusted Four Oaks conveyancing lawyers - not the ones that will provide their estate agent a referral fee or hit his conveyancing thresholds pre-set by corporate headquarters.
Having checked my lease I have discovered that there are only Seventy years left on my flat in Four Oaks. I now want to extend my lease but my landlord is can not be found. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. However, you will be required to demonstrate that you or your lawyers have made all reasonable attempts to find the lessor. For most situations an enquiry agent may be helpful to conduct investigations and prepare an expert document to be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a solicitor in relation to investigating the landlord’s disappearance and the vesting order request to the County Court covering Four Oaks.
I invested in buying a basement flat in Four Oaks, conveyancing formalities finalised September 1996. How much will my lease extension cost? Comparable properties in Four Oaks with over 90 years remaining are worth £190,000. The ground rent is £65 per annum. The lease terminates on 21st October 2084
With only 61 years left to run we estimate the premium for your lease extension to range between £19,000 and £22,000 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.