Our nephew is in the process of securing a newly built flat in Falmouth with a home loan from Barclays. His solicitor has said that there is 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 involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Barclays 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 Barclays conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I have been told that property searches are a common cause of obstruction in Falmouth house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays in the conveyancing process. Local searches are unlikely to be the root cause of holding up conveyancing in Falmouth.
It has been 2 months since my purchase conveyancing in Falmouth completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £180,000. 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 buying a new build house in Falmouth with the aid of help to buy. The builders refused to move on the price so I negotiated £7000 of additionals instead. The property agent suggested that I not disclose to my solicitor about the side-deal as it could affect my loan with the lender. 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.
Am I best advised to appoint a Falmouth conveyancing lawyer who is local to the property I am purchasing? We have a good friend who can deal with the legal work however they are based 300miles drive away.
The benefit of a high street Falmouth conveyancing firm is that you can pop in to execute paperwork, deliver your identification documents and apply pressure on them where appropriate. Having local Falmouth know how is a bonus. However nothing is more important than finding someone that will do a good and efficient job. If if people you trust instructed your friend and they were happy that should trump using an unknown Falmouth conveyancing solicitor solely due to them being round the corner.
How does one as executor remove a deceased person's name from the title deeds for a property in Falmouth?
If a Falmouth property is co-owned and one of the owners dies, their name will not automatically be removed from the Land Registry title. It is not necessary to amend the title as when it comes to a sale your lawyer would simply be required to evidence as to the reason the co owner is not a party to the transfer, normally this takes the form of the probate documents.
With the aim of making the sale conveyancing simpler for the sale of the property you can arrange to have the deceased person erased from the title by applying to HMLR with evidence of the death. There is no land registry fee payable.