My grandson is about to exchange on a house that has just been built in Great Yarmouth with a mortgage from Coventry BS. His lawyer has said that there is a delay in completing 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 Coventry BS conveyancing panel as a standard part of the process, and to the surveyor 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 Coventry BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
What does my ID and proof of funds have anything to do with my conveyancing in Great Yarmouth? Is this really warranted?
Great Yarmouth conveyancing solicitors and indeed property lawyers throughout the UK have a duty under Anti-terror and anti-money-laundering rules to verify the identity of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to produce two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and proof of address (usually a Utility Bill no more than three months).
Confirmation of the origin of funds is also necessary in compliance with the money laundering laws as conveyancers are required to ensure that the money you are utilising to purchase a property (whether it be the deposit for exchange or the total purchase amount where you are a cash purchaser) has originated from an acceptable source (such as an inheritance) rather than the product of illegitimate activity.
After looking at consumer advice sites for a high-quality lawyer in Great Yarmouth, most post that I should use a CQS assured lawyer. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in home ownership transfers, trusted by some of the UK's major banks. In 2011-12 the Conveyancing Quality Scheme was officially recognised by the Association of British Insurers (ABI). The scheme does not cover licenced conveyancers. Great Yarmouth is one of the numerous areas in England and Wales where there are CQS lawyers.
Forgive me if this question is silly but I am new to the home moving as FTB of a ground floor flat in Great Yarmouth. Do I receive the keys to the house on the completion date from my lawyer? If so, I will appoint a High Street conveyancing solicitor in Great Yarmouth?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the completion advance to the owner’s solicitors, and once they have received this, you should be invited to pick up the keys from the property Agents and move into your new home. This tends to happen early afternoon.
Is it the case that all Great Yarmouth solicitors on the Barclays conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Barclays approved list of solicitors they would need to be overseen by the SRA. Many lenders do list licenced conveyancers on their panel and in that case the organisation would be regulated by the Council of Licensed Conveyancers.
After months of negotiation I have agreed a price on an apartment in Great Yarmouth. My mortgage broker recommended their conveyancers. I paid an on account payment of £150. A few days later, the conveyancing practitioner called me to say that they were not on the Lloyds conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Lloyds panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
How does conveyancing in Great Yarmouth differ for new build properties?
Most buyers of new build premises in Great Yarmouth approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is completed. This is because developers in Great Yarmouth tend to buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Great Yarmouth or who has acted in the same development.
How do I use your search tool to select a conveyancing practitioner in Great Yarmouth on the authorised to act for my mortgage?
Step one is to select a bank such as Nationwide Building Society, Bank of Scotland or Clydesdale then type in your preferred area e.g. Great Yarmouth. Conveyancing firms in Great Yarmouth and nationally will then be identified.