Our god-son is purchasing a house that has just been built in Blaby with a home loan from . His lawyer has advised him of a delay in completing 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 transaction. Therefore, it will be provided to your son’s lawyer who should be on the 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 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 buying a right to buy a flat in Blaby. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Blaby you will have to appoint a solicitor on your mortgage company'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 Blaby.
A colleague advised me that where I am purchasing in Blaby I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes included in the estimate for your Blaby conveyancing searches. It is a large document of more than thirty pages, listing and setting out significant information about Blaby around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Blaby Education with plans and statistics, Local Amenities and other useful information about Blaby.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one near me in Blaby I like with open areas and transport links in the vicinity, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in Blaby suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage the remaining unexpired lease term will likely be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least twenty four months you may request that they start the process of the extension and pass 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 solicitor concerning this matter.
I bought a 2 bed flat in Blaby, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Blaby with a long lease are worth £165,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease comes to an end on 21st October 50
With only 50 years unexpired we estimate the price of your lease extension to span between £36,100 and £41,800 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.