Our nephew is about to exchange on a house that has just been built in Harrold with a mortgage from . His conveyancer has said that there is a delay in completing 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 involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the 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 conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My grandfather passed away 10 months ago and as sole heir and executor I was left the property in Harrold. The house had a relatively small loan remaining of approximately £8000. I want to have the title changed into my name whilst I re-mortgage to , pay off the mortgage. Is this possible?
Given you plan to re-mortgage then will insist on your using a conveyancer on the conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the mortgage is registered as a charge at the Land Registry.
My relative suggested that where I am buying in Harrold I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually included in the estimate for your Harrold conveyancing searches. It is a large document of more than thirty pages, listing and detailing important information about Harrold around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Harrold Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful data concerning Harrold.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Harrold?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Harrold. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I opted to have a survey done on a house in Harrold ahead of appointing lawyers. I have been told that there is a flying freehold overhang to the house. My surveyor advised that some mortgage companies may refuse to give a mortgage on this type of property.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Nationwide. Should you wish to call us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Harrold. Conveyancing may be slightly more expensive based on your lender's requirements.