Our son is buying a newly built flat in Long Eaton with a mortgage from Virgin Money. His solicitor has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document 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 Virgin Money 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 Virgin Money 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 buying a new build apartment in Long Eaton. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Long Eaton
Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
I have been on the look out for a flat up to £195,000 and found one round the corner in Long Eaton I like with amenity areas and transport links nearby, the downside is that it only has 51 years unexpired on the lease. There is not much else in Long Eaton suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you need a mortgage the remaining unexpired lease term will be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
In what way can the Landlord & Tenant Act 1954 affect my business property in Long Eaton and how can your lawyers assist?
The 1954 Act gives a safeguard to business tenants, giving them the legal entitlement to make a request to court for a new tenancy and continue in occupation when the lease reaches an end. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing practices who use the act for protection and help with commercial conveyancing in Long Eaton
I am one month into a residential purchase having been recommend to a firm by the selling agent to handle our conveyancing in Long Eaton. We are not happy. Could you help me find new lawyers?
A lawyer would need to be really bad in order to consider diss instructing them. Has your mortgage been generated? In the event that it has you need to inform them of the replacement solicitor and get the loan are re-sent. Your solicitor ideally should be on the banks panel to avoid supplemental expenses and delays. That should be your starting point. The search tool will help you find a bank approved conveyancer for your home move in Long Eaton