My nephew is about to exchange on a newly built flat in Stoke Bishop with a home loan from Santander. His conveyancer 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 form 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 Santander 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 Santander conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
What does a local search tell me about the property we're purchasing in Stoke Bishop?
Stoke Bishop conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search company for example PSG The local search is essential in every Stoke Bishop conveyancing purchase; that is if you wish to avoid any nasty surprises after you move into your property. The search should reveal data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic headings.
I am buying a new build flat in Stoke Bishop. 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 few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Stoke Bishop
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. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please confirm the Lease plans are surveyor prepared. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
I have just appointed agents to market my basement apartment in Stoke Bishop. Conveyancing solicitors are to be appointed soon, but I have recently had a yearly maintenance charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is pay the invoice as usual given that all rents and service invoices should be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents 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. This will smooth the conveyancing process.
Leasehold Conveyancing in Stoke Bishop - Sample of Queries Prior to Purchasing
In the main the outlay for major works are not included within maintenance charges, albeit that a few managing agents in Stoke Bishop require tenants to contribute towards a sinking fund and this is used to offset against major repairs or maintenance. Is the freehold owned collectively by the leaseholders? The answer will be important as a) areas may cause problems in the building as the communal areas may begin to deteriorate where maintenance are not paid for b) if the tenants have a dispute with the running of the building you will want to know about it
I am due to assess estimates for conveyancing in Stoke Bishop from various lawyer and decide on one. Should I instruct them to hold tight until I I have an offer accepted on a flat.
We suggest that you wait to ask your solicitor to commence work and apply for searches after the offer has been agreed to on the property particularly as Stoke Bishop conveyancing searches are costly.