My son is buying a house that has just been built in Newton Abbot with a home loan from Coventry BS. 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 engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Coventry BS 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 Coventry BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
What is the first thing I need to know regarding purchase conveyancing in Newton Abbot?
You may not hear this from too many lawyers but conveyancing in Newton Abbot or throughout Devon is often a confrontational process. In other words, when it comes to conveyancing there exists lots of room for conflict between you and other parties involved in the ownership transfer. E.g., the vendor, property agent and sometimes a bank. Appointing a lawyer for your conveyancing in Newton Abbot should not be taken lightly as your conveyancer is your adviser, and is the SOLE party in the transaction whose interest is to look after your best interests and to protect you.
We are witnessing a definite ongoing adversarial element to conveyancing- someone must be blamed for the process taking so long. You your first instinct should be to trust your conveyancer ahead of the other parties when it comes to the legal assignment of property.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what should have been a quick, chain free conveyancing. Newton Abbot is the location of the property. Is there any guidance you can impart?
Flying freeholds in Newton Abbot are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Newton Abbot you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Newton Abbot may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Taking into account that I am about to part with hundreds of thousands of pounds on a property in Newton Abbot I would like to talk to a conveyancer about myconveyancing ahead of appointing the firm. Is this something that you can arrange?
This is something that we encourage - it is our preference to talk to you we do not take any clients on without you first talking to the conveyancer due to be carrying out your property ownership legalities in Newton Abbot.There is no ‘factory style conveyancing’ - every client is an important person, not a file reference. The practices that we put you in touch with believe that the fees you are provided with for your conveyancing in Newton Abbot should be the figure that you are charged.
Last March I purchased a leasehold flat in Newton Abbot. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I invested in buying a basement flat in Newton Abbot, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Newton Abbot with over 90 years remaining are worth £195,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease ends on 21st October 2082
You have 63 years left to run we estimate the premium for your lease extension to span between £16,200 and £18,600 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.