My son is about to exchange on a newly built flat in Chathill with a mortgage from Bank of Ireland. His solicitor 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 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 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 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.
Why do I have to pay up front for my conveyancing in Chathill?
If you are buying a property in Chathill your solicitor will ask you to provide them with monies to cover the the cost of the conveyancing searches. Ordinarily this is requested to cover the fees of the Local Authority Search. When the deposit is payable against the sale price then this will be needed shortly ahead of exchange of contracts. The final balance that is due will be payable shortly before completion.
I'm the single beneficiary of my late father’s estate and I have everything in my name alone, including the house in Chathill. The Chathill property was put into my name in March. I plan to dispose of the property. I understand that there is a Mortgage Lenders six month 'rule', which means that my proprietorship will be regarded the same way as though I had purchased the property in March. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be impacted by that. How practical a view mortgage companies take of it, depend on the mortgage company as this obligation principally exists to capture subsales or the quick reselling of property.
My partner and I have organised a further advance on our mortgage from Skipton as we intend to carry out renovations to our house in Chathill. Do we need to select a local Chathill solicitor on the Skipton conveyancing panel to handle the legals?
Skipton do not ordinarily require a member of their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Skipton panel.
Coventry BS have agreed my home loan in principle, my bid on a apartment in Chathill has been agreed to, what are the next steps?
Your estate agent will wish to be advised as to your lawyer's details (make sure the solicitors are on the bank’s panel). Telephone Coventry BS or the broker and finalise any appropriate documentation. Coventry BS will instruct a valuer who will get in touch with the selling agent or seller to schedule an appointment. Once conducted (assuming no problems) it takes about a week for the mortgage offer to be issued. Coventry BS will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Chathill.
I am purchasing my first flat in Chathill with a loan from Yorkshire Building Society. The builders refused to reduce the amount so I negotiated 6k of fixtures and fittings instead. The house builders rep advised me not disclose to my conveyancer about this side-deal as it will put at risk my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I opted to have a survey completed on a property in Chathill in advance of instructing solicitors. I have been informed that there is a flying freehold overhang to the property. My surveyor has said that some mortgage companies tend refuse to issue a mortgage on this type of property.
It depends who your proposed lender is. HSBC has different requirements from Nationwide. If you contact us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Chathill. Conveyancing may be slightly more expensive based on your lender's requirements.
Am I right to be wary about estate agents that I am dealing with are suggesting a web based conveyancing firm as opposed to a High Street Chathill conveyancing practice?
As with many professional services, often referrals from family and friends can be worth their weight in gold. Yet there are numerous parties with a keen interest in a conveyancing deal; estate agents, mortgage brokers and lenders might all put forward conveyancers to retain. On occasion these lawyers might be known to one of the organisations as experts in their field, but occasionally there exists a financial incentive behind the endorsement. You have the discretion to appoint your preferred conveyancer. You need to be aware that the majority of mortgage providers have an approved list of conveyancers you are obliged to use for the lender aspect of your transaction.