My nephew is in the process of securing a new build apartment in Frognal with a mortgage from Principality. His lawyer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 Principality 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 Principality conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Why do I have to pay up front when it comes to conveyancing in Frognal?
Where you are retaining lawyers for conveyancing in Frognal your solicitor will ask you to provide them with funds to cover the the cost of the conveyancing searches. Generally this is requested to cover the fees of the conveyancing searches. If any deposit is payable against the purchase price then this should be needed immediately ahead of contracts are exchanged. The final balance that is due should be transferred a couple of days ahead of the completion date.
Is there a search tool that I can use to find out if the solicitor carrying out my conveyancing in Frognal is on the mortgage lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Santander thus spending £187.00 plus VAT in supplemental conveyancing charges.
Please do make use of the find a lender approved solicitor tool on this page. Pick the lender and type ‘Frognal’ or your preferred area and you will see a number of lawyer based in Frognal or near you.
We had appointed solicitors with offices in Frognal on the Yorkshire BS solicitor panel. They have just billed me a separate sum for handling the Yorkshire BS mortgage. Is this a supplemental conveyancing fee set by Yorkshire BS?
Unfortunately, as long as it is in their Terms of Engagement or estimate then yes your solicitor may charge a fee for this. The charge is not set by Yorkshire BS but by your Frognal lawyer. Some firms on the Yorkshire BS panel will quote an ‘acting for lender’ fee but some practices include it on their overall fee.
About to purchase flat in Frognal. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the UBS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Frognal lawyer is on the UBS conveyancing panel.
I had an offer accepted on a property in Frognal on 13/1/2020, valuation was booked five days later, received a clean bill of health. Property lawyer appointed, so all that was missing was my mortgage offer. Having made daily calls to TSB and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the TSB conveyancing panel. Are TSB entitled to hold back the Mortgage pending the lawyer being on the approved list?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for TSB to deal with your lawyer's application to be on the TSB conveyancing panel. There's no guarantee that your solicitor will be accepted.
I am purchasing my first flat in Frognal with a loan from The Royal Bank of Scotland. The builders refused to budge the amount so I negotiated £7000 of additionals instead. The house builders rep suggested that I not reveal to my solicitor about this side-deal as it could impact my loan with the lender. Is this normal?.
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 own a leasehold flat in Frognal. Conveyancing was finalised in five years ago. I have read on numerous advice forums that I mustn’t allow the lease length get too low. What is the reasoning?
Frognal residential long term leases are for a fixed period - normally ninety nine years when they are first granted. However many flats in Frognal were constructed or converted 20 or more years ago and so such leases now have less than 80 years left to run. That may seem like plenty of time but Banks, Building Societies and other mortgage lenders tend to require leases to have a minimum of 75 years unexpired to adequate security. This means that when you come to sell the property you will need to extend the term of your lease if you are approaching 75 years. To optimize your property value you should be thinking about whether or not to extend your lease long before you come to sell it. Furthermore strong financial reasons to taking action before the lease reaches even 80 years as when the lease is below 80 years the amount you have to pay to extend starts to increase.