Our grandson is purchasing a newly built flat in Montpelier with a home loan from RBS. His conveyancer 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 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 RBS conveyancing panel as a standard part of the process, and to the valuer 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 RBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Why do I have to pay up front for my conveyancing in Montpelier?
If you are buying a property in Montpelier your solicitor will ask you place them with funds to cover the the cost of the conveyancing searches. Generally this is called for to cover the fees of the conveyancing searches. If any deposit is payable against the sale price then this will be needed immediately prior to exchange of contracts. Any further balance that is due should be transferred shortly before completion.
It has been three months following my purchase conveyancing in Montpelier took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. 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 leasehold apartment up to £235,500 and identified one near me in Montpelier I like with open areas and station nearby, however it only has 51 remaining years left on the lease. There is not much else in Montpelier suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a home loan the shortness of the lease will be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
I only have 62 years unexpired on my lease in Montpelier. I now want to extend my lease but my freeholder is can not be found. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to demonstrate that you have done all that could be expected to track down the lessor. In some cases an enquiry agent should be useful to conduct investigations and to produce an expert document to be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer in relation to proving the landlord’s disappearance and the vesting order request to the County Court covering Montpelier.
Montpelier Leasehold Conveyancing - Sample of Queries Prior to Purchasing
Best to be warned if changing the roof or some other major work is pending that will be shared between the leasehold owners and will dramatically increase the the maintenance charges or necessitate a specific payment. Are any of leasehold owners in arrears of their service charge liability? Be sure to find out if there are any onerous prohibitions in the lease. For instance it is very common in Montpelier leases that pets are not permitted in certain buildings in Montpelier. If you like the flatin Montpelier yet your dog can’t live with you then you will be presented with a difficult decision.