My grandson is in the process of securing a newly built flat in Wootton with a home loan from Lloyds. His conveyancer has said that there is 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 Lloyds 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 Lloyds conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I own a freehold house in Wootton but still pay rent, why is this and what is this?
It is rare for properties in Wootton and has limited impact for conveyancing in Wootton but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
I am downsizing from our property in Wootton and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. A high street Wootton lawyer would know that there is no such problem. For the life of me I don't know why the buyers used a web based conveyancing outfit rather than a conveyancing solicitor in Wootton. We have lived in Wootton for 4 years we know that this is a non issue. Is it a good idea to contact our local Authority to obtain confirmation that there is no issue.
It would appear that you have a conveyancing lawyer currently acting for you. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
I am looking for a flat up to £235,500 and found one close by in Wootton I like with a park and transport links in the vicinity, however it's only got 49 years on the lease. I can't really find anything else in Wootton in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you could request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
I am looking into buying my first house which is in Wootton and I am already nervous. I couldn't find anything specific about Wootton. Conveyancing will be needed in due course but do you know about the Wootton area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Wootton. In the meantime here are some basic statistics that we found