My son-in-law is about to exchange on a new build apartment in Townhill with a mortgage from Clydesdale. His conveyancer has said that there is a delay in receiving 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 purchase. 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 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 Clydesdale conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Just bought a detached house in Townhill , What is the estimated time for the Land Registry to deal with the formalities evidencing my proprietorship? My Townhill conveyancing solicitor has been painfully slow, so I want to be certain that my purchase is recorded.
There is nothing unique when it comes to conveyancing in Townhill registration formalities. As opposed to being determined by geographic area, timeframes can adjust according to the party submitting the application, whether there are errors and if the Land registry must send notices to any third parties. As of today roughly three quarters of submission are fully dealt with in less than three weeks but occasionally there can be longer delays. Registration takes place after the new owner has moved in to the property therefore an expedited registration is not always primary concern but where there is a degree of urgency associated with the registration then you or your lawyers must contact the land registry and explain the circumstances.
Due to the advice of my in-laws I had a survey completed on a house in Townhill in advance of retaining solicitors. I have been informed that there is a flying freehold aspect to the house. Our surveyor has said that some mortgage companies tend not issue a loan on a flying freehold home.
It depends who your proposed lender is. HSBC has different instructions from Birmingham Midshires. Should you wish to telephone us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Townhill. Conveyancing may be slightly more expensive based on your lender's requirements.
I am tempted by the attractive purchase price for a couple of apartments in Townhill which have in the region of forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Townhill. The lease is a right to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena.
Townhill Leasehold Conveyancing - A selection of Questions you should consider Prior to buying
Is there a share of the freehold? The majority of Townhill leasehold apartments will incur a service bill for the upkeep of the block set by the management company. Where you buy the property you will have to meet this amount, normally periodically accross the year. This may vary from two or three hundred pounds to thousands of pounds for large purpose-built buildings. In all probability there will be a rentcharge to be met yearly, this is usually not a exorbitant amount, say approximately £25-£75 but you need to enquire it because sometimes it can be many hundreds of pounds. How many years remain on the lease?
I have today had an offer accepted on an apartment in Townhill and the broker that we are using recommended his lawyer. She quoted £800 plus VAT and disbursements. Does this sound like a good deal?
You should not rely on a single estimate. You should seek like-for-like quotes for your conveyancing in Townhill. Then select one that you trust and just as important, is on the approved list of the lender that you have applied for a mortgage from.