My god-son is buying a house that has just been built in Ogmore By Sea with a mortgage from Santander. His solicitor 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 Santander 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 Santander conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My relative suggested that if I am buying in Ogmore By Sea I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes quoted for as part of the standard Ogmore By Sea conveyancing searches. It is not a small report of about 40 pages, listing and detailing important information about Ogmore By Sea around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Ogmore By Sea Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Ogmore By Sea Education with plans and statistics, Local Amenities and other useful data about Ogmore By Sea.
About to purchase a new build flat in Ogmore By Sea. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Ogmore By Sea
Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
I have been on the look out for a leasehold apartment up to £305k and found one round the corner in Ogmore By Sea I like with open areas and station in the vicinity, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Ogmore By Sea suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
I acquired a house in Ogmore By Sea last 13/11/2017 and to date it is still not recorded with HM Land Registry. It is part of a new estate and my lawyer told me that it can take twelve months to register. I have spoken with the Land Registry directly and they have informed me the initial application was cancelled due to failure to reply to requisitions. Do I need to be concerned?
It is your property lawyer that you should contact in order to satisfy any questions which have been raised as part of the registration formalities for your Ogmore By Sea property. Normal Ogmore By Sea conveyancing practice includes an undertaking on the part of the seller's lawyer that they will assist in resolving any question raised by HMLR so it may be a case of taking action to enforce that undertaking in some way.