Our nephew is about to exchange on a new build apartment in Stonehouse with a home loan from Aldermore. 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 engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Aldermore conveyancing panel as a standard part of the process, and to the surveyor 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 Aldermore conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My apartment in Stonehouse is up for sale and I have a purchaser. Will the lawyer have to be required to be on the TSB conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the TSB conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently currently.
How does conveyancing in Stonehouse differ for newly converted properties?
Most buyers of new build premises in Stonehouse contact us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is completed. This is because developers in Stonehouse typically purchase the real estate, 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 accustomed to new build conveyancing in Stonehouse or who has acted in the same development.
I am thinking of appointing a conveyancing practitioner in Stonehouse for my purchase. Can I see a firm’s record with the legal regulator?
One can find published Solicitor Regulator Association (SRA) determinations stemming from inquisitions from 2008 onwards. Visit Check a solicitor's record. For records Pre 2008, or to check a solicitors record, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, use +44 (0)121 329 6800. The regulator may recorded call for training reasons.
Having had my offer accepted I require leasehold conveyancing in Stonehouse. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and most are in Stonehouse - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I inherited a 1 bedroom flat in Stonehouse, conveyancing having been completed 5 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Stonehouse with over 90 years remaining are worth £180,000. The ground rent is £65 levied per year. The lease expires on 21st October 2083
With only 58 years left to run the likely cost is going to range between £22,800 and £26,400 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.