My god-son is purchasing a new build apartment in Eye with a home loan from Nottingham. His conveyancer 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 transaction. 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.
We're in Eye, First timers purchasing with a mortgage (lender is Coventry BS , and our solicitor is on the Coventry BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Coventry BS 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.
Forgive me if this question is silly but I am wet behind the ears as FTB of a ground floor flat in Eye. Do I receive the keys to the property on the completion date from my lawyer? If so, I will appoint a local conveyancing solicitor in Eye?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the completion advance to the vendor’s conveyancers, and once they have received this, you will be invited to receive the keys from the Estate Agents and start moving into the property. Usually this happens early afternoon.
My husband and I have arranged the release of further monies on our home loan from Bank of Ireland as we wish to carry out alterations to our property in Eye. Are we obliged to appoint a high street Eye solicitor on the Bank of Ireland conveyancing panel to deal with the paperwork?
Bank of Ireland do not ordinarily require a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Bank of Ireland panel.
It is not clear whether my lender requires a lease extension. I have called into my local Eye bank branch on various occasions and was told they are content with the situation and they would lend. My Eye conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend based on their specific requirements. I have no idea who is right.
The solicitor must comply with the Council of Mortgage Lenders’ Handbook section two provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Should our solicitor be asking questions regarding flooding during the conveyancing in Eye.
Flooding is a growing risk for solicitors specialising in conveyancing in Eye. There are those who purchase a house in Eye, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the property. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Lawyers are not qualified to give advice on flood risk, but there are a various searches that can be carried out by the purchaser or by their conveyancers which will give them a better understanding of the risks in Eye. The standard property information forms sent to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the vendor to discover if the property has suffered from flooding. In the event that the property has been flooded in past which is not notified by the seller, then a purchaser could bring a legal claim for losses as a result of such an incorrect answer. The buyer’s solicitors should also order an environmental report. This will indicate whether there is any known flood risk. If so, more detailed investigations should be initiated.
We're FTB’s - had an offer accepted, yet the selling agent advised that the vendor will only move forward if we appoint the agent's recommended solicitors as they are insisting on a ‘quick sale’. Our preferred option is to instruct a family solicitor accustomed to conveyancing in Eye
It is improbable the sellers are behind this. If they require ‘a quick sale', turning down a motivated purchaser is likely to cause more damage than good. Try to communicate with the vendors directly and explain that (a)you are motivated purchasers (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)but you are going to use your preferred Eye conveyancing firm - not the ones that will provide the estate agent a kickback or meet his conveyancing figures demanded by corporate headquarters.
The conveyancing solicitors conducting our conveyancing in Eye has forwarded papers to review that state the land is unregistered with epitome documents. Why is the property not currently recorded at the Land Registry?
Although most properties in Eye are now registered with HMLR there are still a few that remain unregistered. Any property in Eye that has been remortgaged since the late 1980’s will have been registered at the Land Registry under the compulsory ‘first registration’ scheme. However, if a Eye property has not changed hands in that time then it’s likely the old fashioned title deeds will be the only evidence of ownership.Many Eye conveyancing lawyers should be able to handle this type of conveyancing but where uncertainty exists the conventional guidance nowadays is for the vendor’s solicitor to register the title first and then sell - this no doubt result in a drawn-out transaction.