Our son-in-law is in the process of securing a new build apartment in Bridport with a mortgage from Bank of Ireland. His solicitor has said that there is 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 Bank of Ireland 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 Bank of Ireland conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We see that you have a post code search directory listing law firms on the HSBC conveyancing panel. Do firms pay you a commission if I retain them for our conveyancing in Bridport?
We are a listing service only for law firms wishing to communicate if they are on the HSBC conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Bridport.
Me and my brother purchased a terraced Edwardian house in Bridport. Conveyancing solicitor represented me and Clydesdale. I did a free Land Registry search last week and I saw two entries: one for freehold, the second leasehold with the matching property. Is it worth asking Clydesdale to clarify?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Bridport and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the position with your conveyancing lawyer who conducted the work.
How does conveyancing in Bridport differ for new build properties?
Most buyers of new build premises in Bridport come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is completed. This is because new home sellers in Bridport usually purchase the site, 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 Bridport or who has acted in the same development.
I am looking for a flat up to £245,000 and found one close by in Bridport I like with amenity areas and station nearby, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Bridport for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a mortgage the shortness of the lease will likely be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
I have today had an offer accepted on a leasehold flat in Bridport and the mortgage adviser that we are using recommended his property lawyer. He quoted £900 plus VAT and disbursements. Does this sound steep?
Don't just go on a single estimate. You should obtain like-for-like quotes for your conveyancing in Bridport. Then choose one that you trust and just as important, is on the approved panel of the lender that you are sourcing your mortgage from.