My grandson is purchasing a new build apartment in Childwall with a mortgage from Nottingham. His solicitor has advised him of a delay in receiving 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 Nottingham 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 Nottingham conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I purchased a freehold property in Childwall but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Childwall and has limited impact for conveyancing in Childwall but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
I am buying a terraced house in Childwall. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Childwall you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Childwall.
We are due to move property in April. Should my conveyancing solicitor communicate with the removal company on the completion day. Incidentally, can you put forward a removal company in Childwall. Conveyancing lawyer was found prior to coming across your page.
On the day of completion you will need to collect the keys from the property agent but this can only be done once the sellers lawyers advise the agent that they acknowledge receipt of the completion payment and the keys can be handed over. After that you will need to inform the removal company that they can start moving you in. We are not in a position to suggest a particular removal organisation but can help you locate a residential property solicitor in Childwall or a solicitor with expertise in conveyancing in Childwall.
I am the single beneficiary of my late father’s will with all property in now in my sole name, including the house in Childwall. Conveyancing formalities meant that the Land Registry date was in January. I plan to dispose of the house. I do know about the CML six month 'rule', which means that my property ownership will be considered the same way as though I had purchased the house in January. Will no one buy the property for half a year?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. Most banks would take a pragmatic view as this clause chiefly exists to capture the purchase and immediately sell or the flipping of property.
I have a mortgage with Yorkshire BS for my property in Childwall. Conveyancing has been completed months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Yorkshire BS?
You must advise Yorkshire BS before renting your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. It may be that Yorkshire BS will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Yorkshire BS directly. It should not be necessary to do this via a Yorkshire BS conveyancing panel firm.
I am buying a new build house in Childwall with the aid of help to buy. The developers would not move on the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative suggested that I not inform my conveyancer about this deal as it could adversely affect my mortgage with the bank. Should I keep quiet?.
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.
My uncle has encouraged me to instruct his lawyers for conveyancing in Childwall. Should I use them?
Much as we are happy to recommend a Childwall conveyancing lawyer the ideal way to choose a conveyancing lawyer is to get feedback from friends or relatives who have previously instructed the solicitor that you are are thinking of instructing.