My god-son is buying a house that has just been built in Northwick Park with a mortgage from RBS. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties involved in the purchase. 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 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 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'm buying a new build house in Northwick Park with a mortgage from Lloyds TSB Bank. The sellers refused to budge the amount so I negotiated £7000 of extras instead. The estate agent advised me not reveal to my conveyancer about the deal as it could jeopardize my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
What does commercial conveyancing in Northwick Park cover?
Commercial conveyancing in Northwick Park covers a broad array of guidance, provided by regulated solicitors, relating to business premises. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
Estate agents have just been given the go-ahead to market my basement apartment in Northwick Park. Conveyancing has not commenced, but I have just received a yearly maintenance charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is clear the maintenance contribution as you normally would given that all ground rent and maintenance charges will be allotted on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Following months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Northwick Park. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a missing landlord or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to determine the price.
An example of a Lease Extension decision for a Northwick Park flat is 2, 3, 5 & 7 High Mead in September 2013. The Tribunal determined that the premium payable by the Applicant tenants for an extended lease of Flat 2 is £22,966 , of Flat 3 is £25,051 , of Flat 5 is £24,725 , and Flat 7 is £22,966 , in all cases exclusive of statutory costs. This case related to 4 flats. The unexpired residue of the current lease was 61.58 years.
Me and my wife have recently had an offer agreed on a flat and had meeting on Wednesday with Leeds Building Society for the mortgage. They advised me that when it comes to appointing a lawyer that if they are not on their approved list of lawyers then we will incur a further fee of £200. This is is due to the fact that they will then have to appoint a solicitor to act for them in addition to the one we select for ourselves and we will be on the hook for their costs. I have asked Leeds Building Society to send me with a list so I can request quotes only from their approved solicitors but was told that I need to check with each individual lawyer to see if they are on the panel. What would be the best way of going about this?
You can enquire of Leeds Building Society what their criteria for panel membership is for a solicitor.Then ask the lawyer of your choice whether they fit that criteria and have they acted on loans for Leeds Building Society historically. If the answer to those is yes, then just clarify this with Leeds Building Society. Alternatively please utilise our search tool and we should be able to locate a solicitor in Northwick Park on the approved list for Leeds Building Society.