My son-in-law is purchasing a new build apartment in Ombersley with a home loan from Bank of Ireland. His conveyancer has advised him of 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 engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Bank of Ireland 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 Bank of Ireland 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 advised me that where I am buying in Ombersley I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally included in the estimate for your Ombersley conveyancing searches. It is a large document of about 40 pages, listing and setting out important information about Ombersley around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Ombersley Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful information concerning Ombersley.
It has been 2 months since my purchase conveyancing in Ombersley completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I've recently bought a leasehold property in Ombersley. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner 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. A critical element of leasehold conveyancing for your conveyancer to ensure 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 own a split level flat in Ombersley, conveyancing was carried out August 2004. Can you work out an approximate cost of a lease extension? Equivalent properties in Ombersley with a long lease are worth £192,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease expires on 21st October 2074
With 54 years unexpired we estimate the premium for your lease extension to span between £32,300 and £37,400 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.
What tools are available to search for a Ombersley conveyancing solicitor on the bank conveyancing panel? I have a car and am prepared to travel up to twentymiles to attend the conveyancer.
Feel free to make use of the find a conveyancing panel search on this website. Please choose the lender and your location, in this case Ombersley and you will see a number of lawyer located nearest Ombersley. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the bank solicitor panel.