Our son is buying a newly built flat in Wooburn Green with a home loan from HSBC. His conveyancer has advised him of a delay in completing 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 transaction. Therefore, it will be provided to your son’s lawyer who should be on the HSBC 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 HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am purchasing a new build flat in Wooburn Green. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Wooburn Green you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Wooburn Green.
Me and my brother own a semi-detached Edwardian house in Wooburn Green. Conveyancing lawyer acted for me and Norwich and Peterborough Building Society. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, the second leasehold under the exact same address. I'd like to know for sure, how can I find out??
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Wooburn Green and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with the conveyancing practitioner who conducted the conveyancing.
How does conveyancing in Wooburn Green differ for newly converted properties?
Most buyers of new build premises in Wooburn Green approach us having been asked by the seller to sign contracts and commit to the purchase even before the property is finished. This is because builders in Wooburn Green typically buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Wooburn Green or who has acted in the same development.
I've found a house that appears to be perfect, at a great figure which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Wooburn Green. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
Most houses in Wooburn Green are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can assist with the conveyancing process. it is apparent that you are buying in Wooburn Green in which case you should be shopping around for a Wooburn Green conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your lawyer should advise you fully on all the issues.
Leasehold Conveyancing in Wooburn Green - A selection of Queries before buying
The prefered form of lease structure is if the freehold title is owned by the leaseholders. In this arrangement the tenants benefit from being in charge if their destiny and although a managing agent is frequently employed where the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves. How much is the ground rent and service charge? Is there a share of the freehold?