Our grandson is in the process of securing a house that has just been built in Chellaston with a mortgage from Santander. His lawyer has said that there is 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 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 Santander 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 Santander conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My relative advised me that if I am buying in Chellaston I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally quoted for as part of the standard Chellaston conveyancing searches. It is not a small report of more than thirty pages, listing and setting out important information about Chellaston around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Chellaston Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Chellaston Education with maps and statistics, Local Amenities and other useful data about Chellaston.
It has been three months since my purchase conveyancing in Chellaston concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm purchasing a new build house in Chellaston with the aid of help to buy. The sellers would not move on the amount so I negotiated 6k of additionals instead. The sale representative suggested that I not disclose to my lawyer about this side-deal as it may put at risk my mortgage with HSBC Bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
My husband and I are new to the buying process - had an offer accepted, but the estate agent informed us that the vendor will only issue a contract if we use their chosen lawyers as they want an ‘expedited deal’. We would rather use a high street solicitor with experience of conveyancing in Chellaston
It is improbable the vendors are behind this. Should the seller want ‘a quick sale', turning down a motivated purchaser is is going to put the whole deal at risk. Contact the sellers directly and make sure they understand (a)you are genuine buyers (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)but you intend to use your own,trusted Chellaston conveyancing lawyers - rather thanthe ones that will give the negotiator at the agency a referral fee or hit his conveyancing thresholds demanded by HQ.
My solicitors in Chellaston have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with the mortgage company. Is it case that being on the lender conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the bank Conveyancing Panel Terms. It might be worth you contacting the bank directly.