My son-in-law is purchasing a house that has just been built in Oundle with a mortgage from Clydesdale. His solicitor has said that there is a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 Clydesdale conveyancing panel as a standard part of the process, and to the surveyor 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 Clydesdale conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My home in Oundle is up for sale and I have a buyer. Does my solicitor have to be on the UBS conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the UBS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently at the moment.
I am assisting my sister sell her property in Oundle. Will the conveyancing solicitor order an energy performance certificate or it is for the owner to see to?
After the demise of HIPs, EPC’s remained a mandatory part of selling a property. An EPC needs to be commissioned in advance of the property being put on the market. It is not a task that solicitors ordinarily organise. Where you are using a Oundle conveyancing lawyer they may be able to arrange energy performance certificates due to their contacts with long established local accredited person
I happen to be the single recipient of my late mum's estate and I have everything in my name now, including the house in Oundle. The Oundle property was put into my name in March. I now wish to sell up. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my proprietorship may be considered the same way as if I'd bought the house in March. Will no one buy the property for half a year?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be affected by that. Most mortgage companies would take a sensible view as this obligation is principally there to identify the purchase and immediately sell or the wholesaling and assigning of properties.
My offer on a semi in Oundle has been accepted, but there is a chain. The owners have offered on on an apartment, however it’s not yet tied up, and are looking at other flats booked. I have selected a local conveyancing solicitor in Oundle. What should be my next step? When do I get the mortgage application with Nottingham started?
It is understandable to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx one thousand pounds, then valuation, Oundle conveyancing search costs, etc). First, you should ensure that your lawyer is on the Nottingham approved list. As to the subsequent phase this very much depends on the specifics of your case, motivation for the property and on the state of the market. During a buoyant market many purchasers will apply for the mortgage with Nottingham and arrange for the valuation and only if it was satisfactory would they pay their conveyancer to press on with searches.
I have been on the look out for a leasehold apartment up to £305k and identified one near me in Oundle I like with a park and station nearby, however it only has 49 remaining years left on the lease. There is not much else in Oundle suitable, so just wondered if I would be making a grave error buying a short lease?
Should you need a home loan the shortness of the lease will likely be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least twenty four months you can request that they start the process of the extension and pass 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.
What are your top tips when it comes to choosing a Oundle conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Oundle conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggest that you speak with two or three firms including non Oundle conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be useful:
What are the charges for lease extension work? Can they put you in touch with clients in Oundle who can give a testimonial?
I purchased a leasehold flat in Oundle, conveyancing having been completed in 2012. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Oundle with a long lease are worth £206,000. The ground rent is £45 invoiced annually. The lease ceases on 21st October 2085
With just 66 years left to run the likely cost is going to be between £11,400 and £13,200 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.