Our god-son is in the process of securing a house that has just been built in North End with a home loan from Principality. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document 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 Principality 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 Principality 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 considering applying for a Nottingham mortgage for purchase of a new build (under development) in North End with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Nottingham ?
There is nothing to stop you using your solicitor, but Nottingham will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I have been on the look out for a leasehold apartment up to £235,500 and found one near me in North End I like with amenity areas and transport links in the vicinity, however it's only got 52 years unexpired on the lease. There is not much else in North End for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan the shortness of the lease may be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this.
In my capacity as executor for the will of my father I am disposing of a residence in Neath but live in North End. My conveyancer (based 235 miles awayhas requested that I execute a stat dec prior to the transaction finalising. Can you recommend a conveyancing practitioner in North End to witness this legal document for me?
Technically speaking you are unlikely to need to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or solicitor will suffice regardless of whether they are located in North End
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £125,000 garden flat in North End next Thursday. The landlords agents has quoted £372 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in North End?
North End conveyancing on leasehold maisonettes normally necessitates the buyer’s solicitor sending questions for the landlord to address. Although the landlord is under no legal obligation to respond to these enquiries the majority will be willing to do so. They are entitled to levy a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some cases it is in excess of £800. The administration charge demanded by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration fees, without which the charge is not strictly payable. In reality you have no choice but to pay whatever is requested of you if you want to sell the property.
I am the registered owner of a a ground floor purpose built flat in North End. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?
You certainly can. We can put you in touch with a North End conveyancing firm who can help.
An example of a Lease Extension decision for a North End premises is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case affected 13 flats. The unexpired residue of the current lease was 76 years.