Our grandson is in the process of securing a newly built flat in Caldicot with a home loan from Lloyds. His lawyer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
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 Lloyds 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 Lloyds conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We're in Caldicot, FTBs purchasing with a mortgage (lender is Nottingham , and our solicitor is on the Nottingham conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nottingham conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Can you point me to a directory of Coventry BS panel solicitors in Caldicot on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such tool on the CML or Building Society Association websites. A small selection of mortgage companies make their panel listings viewable online. If you are seeking to appoint a Caldicot solicitor on the Coventry BS please use our tool.
We previously selected conveyancers with offices in Caldicot on the Leeds Building Society solicitor approved list. They have just billed me an additional fee for the legal aspects of the Leeds Building Society mortgage. Is this an additional conveyancing fee set by Leeds Building Society?
Provided it is contained in their Terms and Conditions or Quote then yes your conveyancer may charge a fee for this. This fee is not set by Leeds Building Society but by your Caldicot conveyancer. Some firms on the Leeds Building Society panel will quote an ‘acting for lender’ fee and others do not.
Completion of my purchase has taken place for my property in Caldicot. Conveyancing was satisfactory but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
All lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. In most cases complaints to a lender are resolved very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
I know that there are debates on Chancel Insurance on online forums. Am I compelled to have this when acquiring a house in Caldicot? or Apparently there is a law dating back centuries that could mean that house owners residing in a parish church boundary may be liable to pay for maintenance towards the chancel within the church. Is this a legitimate concern for conveyancing in Caldicot?
Unless a previous purchase of the property completed after 12 October 2013 you can assume that conveyancing practitioners handling conveyancing in Caldicot to remain recommending a chancel search and or chancel repair liability policy.
Are there restrictive covenants that are commonly picked up during conveyancing in Caldicot?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Caldicot. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
What makes a Caldicot lease unmortgageable?
There is nothing unique about leasehold conveyancing in Caldicot. All leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
Service charge per centages that don't add up correctly leaving a shortfall Repairing obligations to or maintain elements of the premises
You may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Skipton Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.
Caldicot Leasehold Conveyancing - Examples of Queries Prior to Purchasing
The best form of lease arrangement is if the freehold interest is owned by the leaseholders. In this arrangement the lessees have control and although a managing agent is frequently employed where the building is larger than a house conversion, the managing agent employed by the leaseholders. Where a Caldicot lease has no more than eighty years it will affect the marketability of the flat. It is worth checking with your mortgage company that they are content with the length of the lease. Leases with less than 80 years remaining means that you will most likely have to extend the lease at some point and you need to have some idea of what this would cost. Remember, in most cases you would be be obliged to have owned the residence for 24 months before you are legally able to extend the lease. Are any of leasehold owners in arrears of their service charge liability?