My nephew is in the process of securing a newly built flat in Shenstone with a mortgage from . His conveyancer has advised him of 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 involved in the purchase. 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 valuer when requested. 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.
My Conveyancer in Shenstone is not on the Conveyancing Panel. Is it possible for me to use my family solicitor notwithstanding that they are not on the panel of approved conveyancing solicitors?
The limited options available to you here include:
- Carry on with your existing Shenstone solicitors but will need to use a solicitor on their panel. This will result in additional total legal fees as well as cause delays.
- Find an alternative practitioner to to deal with the purchase, not forgetting to check they are Persuade your conveyancer to use their best endeavours to join the conveyancing panel
I am looking for a leasehold apartment up to £305k and found one near me in Shenstone I like with a park and railway links nearby, however it's only got 49 years unexpired on the lease. I can't really find anything else in Shenstone for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a mortgage that many years may be problematic. Discount the price by the expected 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 can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
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I purchased a 1st floor flat in Shenstone, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Shenstone with an extended lease are worth £165,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ceases on 21st October 50
You have 50 years remaining on your lease we estimate the price of your lease extension to range between £36,100 and £41,800 as well as professional fees.
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 investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.