My son is purchasing a new build apartment in Great Linford with a home loan from HSBC. 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 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 HSBC conveyancing panel as a standard part of the process, and to the surveyor 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 HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I just acquired a flat at auction in Great Linford. Conveyancing is required. What are my next steps?
Given that you have now legally committed yourself to purchase you must choose a conveyancing lawyer as a matter of priority as you now have a pending deadline in which to complete the transaction. An auction property should have an associated auction set of papers. This should include evidence of title and search results. In the case of leasehold property the auction pack should include a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to a leasehold property. You need to give this to the lawyer instructed by you as soon as possible. Do make sure that that you have the requisite funding organised to complete the transaction on the set completion date.
Can you point me to a directory of Coventry BS panel solicitors in Great Linford on the UK Finance Lenders’ Handbook Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. A small selection of mortgage companies make their panel listings open the public on the web. Where you are looking for a Great Linford conveyancer on the Coventry BS please use our facility.
We have agreed to purchase a house in Great Linford. One unusual aspect is that the roof has a solar panel. Principality have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Principality your lawyer must follow the formal instructions contained in Part two of UK Finance Lenders’ Handbook for Principality. The CML Handbook contains minimum requirements for solar panel roof-space leases, and lawyers are required to report to Principality where a lease fails to satisfy these requirements. The specifications relate to the installation of panels on properties countrywide and is not limited to Great Linford.
Various internet forums that I have visited warn that are the primary reason for stalling in Great Linford house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays during the legal transfer of property. Searches are unlikely to feature in any holding up conveyancing in Great Linford.
I am purchasing a new build house in Great Linford with a loan from Britannia. The builders refused to budge the price so I negotiated 6k of fixtures and fittings instead. The property agent told me not reveal to my lawyer about the deal as it will put at risk my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am hoping to exchange soon on a garden flat in Great Linford. Conveyancing solicitors assured me that they are sending me a report next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Great Linford should include some of the following:
How long the lease is. You should receive guidance as what happens when the lease expires, and aware of the importance of the 80 year mark The physical extent of the premises. This may be the property itself but may include a roof area or basement if applicable. What options are available to the landlord where you have contravened the provisions of the lease? Details of the parties to the lease, for instance these could be the (you), superior lessor, freeholder
I acquired a split level flat in Great Linford, conveyancing formalities finalised May 2002. How much will my lease extension cost? Corresponding flats in Great Linford with a long lease are worth £227,000. The ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2096
With just 72 years left to run the likely cost is going to span between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.