Our nephew is purchasing a newly built flat in Grappenhall with a mortgage from Santander. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form 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 Santander conveyancing panel as a standard part of the process, and to the valuer when requested. 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 Santander conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do conveyancers ask for money on account when it comes to conveyancing in Grappenhall?
Where you are retaining lawyers for conveyancing in Grappenhall your lawyer will ask you place them with funds to cover the search fees. This will be the total of the cost of the Local Authority Search. If any deposit is as part of the purchase price then this should be asked for immediately prior to contracts are exchanged. The final balance that is needed should be transferred a few days prior to the day of completion.
four months have elapsed following my purchase conveyancing in Grappenhall completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £215,000. 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 premises 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 am purchasing my first flat in Grappenhall benefiting from help to buy. The developers refused to reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative advised me not disclose to my solicitor about the deal as it would impact my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Due to the encouragement of my in-laws I had a survey completed on a house in Grappenhall prior to appointing solicitors. I have been advised that there is a flying freehold element to the house. The surveyor advised that some mortgage companies tend refuse to give a loan on such a home.
It depends who your proposed lender is. Bank of Scotland has different requirements from Birmingham Midshires. Should you wish to call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Grappenhall. Conveyancing will be smoother if you use a solicitor in Grappenhall especially if they regularly deal with such properties in Grappenhall.
My cousin has suggested that I instruct his conveyancers in Grappenhall. Should I use them?
Much as we are happy to recommend a Grappenhall conveyancing lawyer the ideal way to select a conveyancing lawyer is to have feedback from friends or family who have actually used the conveyancer you're contemplating using.