Our grandson is buying a house that has just been built in Nefyn with a home loan from RBS. His lawyer has advised him of 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 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.
I happen to be the sole beneficiary of my late grandmother’s will with all property in now in my sole name, including the my former home in Nefyn. Conveyancing formalities meant that the Land Registry date was in March. I now wish to sell up. I do know about the CML 6 month 'rule', meaning my proprietorship will be regarded the same way as though I had purchased the property in March. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. How sensible a view lenders take of it, depend on the lender as this provision is chiefly there to capture the purchase and immediately sell or the flipping of property.
We have agreed to purchase a house in Nefyn. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Santander be concerned?
As you are obtaining a mortgage with Santander your lawyer must follow the conveyancing requirements set out in Section two of UK Finance Lenders’ Handbook for Santander. The Council of Mortgage Lenders’ Handbook stipulates minimum specifications for solar panel roof-space leases, and solicitors are required to report to Santander where a lease fails to meet these specifications. The conditions relate to the installation of panels on properties nationwide and is not limited to Nefyn.
Intending to buy a house in Nefyn. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Leeds Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Nefyn property lawyer is on the Leeds Building Society conveyancing panel.
I moved into my house on 8 February and the transaction details is not yet on the land registry website. Should I be concerned? My conveyancing solicitor in Nefyn advises it should be dealt with inside ten days. Are titles in Nefyn uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Nefyn registration formalities. As opposed to being determined by geographic area, timeframes can differ according to who lodges the application, whether there are errors and whether the Land registry must send notices to any 3rd persons or bodies. As of today approximately 80% of such applications are fully addressed in less than three weeks but occasionally there can be protracted delays. Historically registration is effected once the buyer has moved in to the premises therefore an expedited registration is not typically top priority yet if it is urgent that the the registration takes place urgently then you or your lawyers must communicate with the Registry to express the reasoning for the application to be prioritised.
Due to the advice of my in-laws I had a survey completed on a property in Nefyn ahead of appointing solicitors. I have been informed that there is a flying freehold aspect to the property. The surveyor has said that some mortgage companies will refuse to grant a mortgage on such a house.
It depends who your proposed lender is. Santander has different requirements for example to Halifax. Should you wish to telephone us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Nefyn. Conveyancing will be smoother if you use a solicitor in Nefyn especially if they are familiar with such properties in Nefyn.
I am on look out for some leasehold conveyancing in Nefyn. Before diving in I require certainty as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and almost all are in Nefyn - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I acquired a garden flat in Nefyn, conveyancing formalities finalised in 1999. How much will my lease extension cost? Equivalent flats in Nefyn with a long lease are worth £202,000. The average or mid-range amount of ground rent is £60 per annum. The lease runs out on 21st October 2076
With 57 years remaining on your lease the likely cost is going to span between £28,500 and £33,000 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.