Our god-son is purchasing a house that has just been built in Woodstock with a home loan from Principality. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document 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 Principality 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 Principality conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
we are a couple who are buying a 2 bedroom apartment in Woodstock with a residential mortgage from Virgin Money.We use our Woodstock conveyancing lawyer but Virgin Money says he's not on their "panel". It seems we have little choice but to instruct a Virgin Money panel solicitor or retain our local solicitor and fork out for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you contains various provisions, a common one being that solicitors will be on the Virgin Money solicitor panel. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Virgin Money
How does conveyancing in Woodstock differ for newly converted properties?
Most buyers of new build residence in Woodstock contact us having been asked by the developer to sign contracts and commit to the purchase even before the residence is constructed. This is because builders in Woodstock usually purchase the land, 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 conveyancing solicitors 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 Woodstock or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one round the corner in Woodstock I like with a park and transport links nearby, the downside is that it's only got 61 remaining years left on the lease. There is not much else in Woodstock in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you need a home loan that many years may be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
Due to exchange soon on a basement flat in Woodstock. Conveyancing solicitors inform me that they report fully on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Woodstock should include some of the following:
Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? It needs to be made clear to you whether the lease allows you to change or improve anything in the property- you should be made aware as to whether it relates to all alterations or just structural alteration, and whether licences for alterations is mandated necessary Rent payments - what is payable and when is collected, and be on notice if this will change in the future Details of the parties to the lease, for instance these could be the (you), superior lessor, freeholder The landlord’s rights to access the property. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided.
Woodstock Conveyancing for Leasehold Flats - Examples of Queries before Purchasing
For many Woodstock leaseholds the outlay for major works tend not to be included within service charges, albeit that a few managing agents in Woodstock require leasehold owners to pay into a sinking fund and this is used to offset against larger repairs or maintenance. The best form of lease structure is a share of the freehold. In this situation the lessees enjoy being in charge if their destiny and although a managing agent is often employed where the building is bigger than a house conversion, the managing agent retained by the leaseholders. It would be wise to find out if there is anything that is prohibited in the lease. For example some leases prohibit pets being allowed in in a block in Woodstock. If you love the flatin Woodstock but your dog is not allowed to live with you then you will be faced hard choice.