Our son-in-law is purchasing a new build apartment in Burwell with a mortgage from RBS. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the RBS 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 RBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
What does my ID and proof of funds have anything to do with my conveyancing in Burwell? What am I being asked for?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to verify the ID of the potential client they are dealing with prior to agreeing to accepting their conveyancing retainer. The Client Care letter that you need to sign should confirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Where you refuse to supply ID verification documents, your lawyer would not be able to act for you.
When it comes to mortgage companies such as Bank of Ireland, do Burwell property lawyers have to pay an annual charge to be on the list of approved solicitors?
We are unaware of any mortgage company fees to be on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
Is there a list of Barclays panel solicitors in Burwell on the Building Society Association’s Website?
Unfortunately not yet. There is no such facility on the CML or Building Society Association sites. Very few mortgage companies make their panel listings available over the internet. Where you are looking for a Burwell conveyancing practitioner on the Barclays please make the most of our facility.
Having digested plenty of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Burwell solicitor - who is on the Coventry BS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Coventry BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Coventry BS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Burwell postcode. As you are getting a mortgage with Coventry BS, you could contact them to see if they have a list of approved surveyors in Burwell.
I have recentlybecome aware that Arc property Solicitors have closed. They carried out my conveyancing in Burwell for a purchase of a leasehold apartment 10 months ago. How can I check that the property is in my name in the name of the former proprietor?
The quickest method to see if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Burwell conveyancing specialists.
I decided to have a survey completed on a property in Burwell before instructing conveyancers. I have been informed that there is a flying freehold aspect to the property. The surveyor has said that some lenders tend not grant a loan on this type of premises.
It varies from the lender to lender. Lloyds has different instructions for example to Nationwide. Should you wish to call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Burwell. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Burwell to see if the conveyancing costs will increase in light of this.
I am using a search engine for the term conveyancing in Burwell it shows results of many property lawyersin the vicinity. How do I determine which is the right property lawyer for the sale of my house?
The preferential way of seeking the right conveyancer is through a personal referral, so enquire of colleagues and family who have acquired a property in Burwell or the respected estate agent or mortgage broker. Charges for conveyancing in Burwell vary, so it's a good idea to obtain at least three costs illustrations from varying types of companies. Dont forget to clarify that the fees are fixed.