Our son is purchasing a house that has just been built in Fillongley with a mortgage from Kent Reliance. His conveyancer has said that there is 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 form is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Kent Reliance 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 Kent Reliance conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Completed the sale of my flat in Fillongley last November but our buyer keeps e-mailing daily to moan that their solicitor needs to hear from mine. What should my lawyer have done following completion?
Following your house sale your solicitor is obliged to send the transfer documentation and all supplemental paperwork to the purchaser's conveyancer. Where appropriate, your solicitor must also confirm that the mortgage has been redeemed to the purchasers lawyers. There are no post completion formalities specific conveyancing in Fillongley.
We had instructed solicitors based in Fillongley on the Principality solicitor panel. They are now charging me an additional charge for dealing with the Principality mortgage. Is this a supplemental conveyancing fee specified by Principality?
Unfortunately, as long as it is in their Terms of Engagement or estimate then yes your property lawyer can charge a fee for this. The charge is not set by Principality but by your Fillongley conveyancing practitioner. Plenty of firms on the Principality panel will charge an ‘acting for lender’ fee but many practices include it on their overall fee.
Last month we had a mortgage agreed in principle with Coventry BS. Fillongley conveyancing practitioners have been chosen. How long does it take for Coventry BS to issue the offer to the conveyancing practitioner?
Some lenders take longer than others. Have Coventry BS conducted the valuation? Have you advised Coventry BS as to your lawyers' details and checked that your lawyers are on the Coventry BS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have a mortgage with Aldermore for my property in Fillongley. Conveyancing has been completed months ago. In the event that I decide 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 Aldermore?
Your original mortgage agreement with Aldermore will provide that you need their approval before letting out your property as this is likely to be a breach of Aldermore’s mortgage conditions. It may be that Aldermore will allow you to rent 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 Aldermore directly. It should not be necessary to do this via a Aldermore conveyancing panel solicitor.
I have been told that property searches are the number one cause of hinderance in Fillongley house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays during the legal transfer of property. Searches are unlikely to feature in any holding up conveyancing in Fillongley.
I am buying a new build house in Fillongley with a loan from Nottingham Building Society. The sellers would not move on the amount so I negotiated £7000 of extras instead. The house builders rep suggested that I not reveal to my lawyer about the side-deal as it will adversely 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.
We are expecting to exchange buying a property in Fillongley but as a consequence of wreckage from the recent storms I have agreed compensation from the owner of £3k taking the form of a deduction in the price. This was going to be dealt with as part of the conveyancing process but my bank will not permit this. Should they have been informed?
Any lawyer being on a lender approved list is obliged to advise the lender of any amendments to the purchase figure. If you were to refuse your property lawyer to notify the reduction to your lender then they would have no choice but to disinstructing themselves from acting for you and the mortgage company.