My god-son is in the process of securing a newly built flat in Cheslyn Hay with a mortgage from RBS. His solicitor has advised him of a delay in receiving 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 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 RBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
is it true that all Cheslyn Hay solicitor firms on the Aldermore conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the Aldermore conveyancing panel they would need to be overseen by the SRA. Some mortgage companies do permit licenced conveyancers on their panel and in that case the organisation would be overseen by the CLC.
We have agreed to purchase a house in Cheslyn Hay. One unusual aspect is that the roof has a solar panel. Kent Reliance have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Kent Reliance your lawyer must follow the formal instructions contained in Section 2 of UK Finance Lenders’ Handbook for Kent Reliance. The CML Handbook includes minimum conditions for solar panel roof-space leases, and conveyancing practitioners are required to report to Kent Reliance where a lease does not comply with these provisions. The specifications relate to the installation of panels on properties nationwide and is not isolated to Cheslyn Hay.
I have today made my last payment due on my mortgage with Lloyds. I assume I don't need a Cheslyn Hay conveyancer on the Lloyds panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Lloyds mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Lloyds mortgage from the register. Lloyds, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Lloyds has sent the Land Registry the discharge electronically, and
- Lloyds has instructed the Land Registry to do so
I have been told that property searches are the number one cause of obstruction in Cheslyn Hay house deals. Is this right?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays in the conveyancing process. Searches are unlikely to feature in any slowing down conveyancing in Cheslyn Hay.
Are there restrictive covenants that are commonly identified during conveyancing in Cheslyn Hay?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Cheslyn Hay. 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…’
I am buying my first flat in Cheslyn Hay with the aid of help to buy. The builders would not budge the amount so I negotiated 6k of additionals instead. The sale representative suggested that I not inform my solicitor about the extras as it could impact my loan with the bank. Do I keep my lawyer in the dark?.
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 have been on the look out for a flat up to £235,500 and identified one near me in Cheslyn Hay I like with amenity areas and railway links in the vicinity, the downside is that it only has 61 years on the lease. There is not much else in Cheslyn Hay 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 home loan that many years may be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you may request that they start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.