Our god-son is about to exchange on a newly built flat in Henlow with a home loan from Barclays. His lawyer 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 Barclays conveyancing panel as a standard part of the process, and to the valuer 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.
Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Henlow. My lender is The Mortgage Works
The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 8/10/2021, the requirements read as follows :
Me and my partner are buying a flat in Henlow. It might be a silly question but how we can trust a solicitor? At some point we have to deposit our life savings into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Can I be sure that the Henlow conveyancing solicitor on the Skipton panel is any good?
When it comes to conveyancing in Henlow obtaining recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the lawyer carrying out your conveyancing.
We expect to receive a AIP from Leeds Building Society this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Leeds Building Society recommend any Henlow solicitors on the Leeds Building Society conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Henlow solicitors independently although you'll need to choose one on the Leeds Building Society conveyancing panel. The solicitor represents both you and Leeds Building Society through the process.
How does conveyancing in Henlow differ for newly converted properties?
Most buyers of new build or newly converted property in Henlow come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is completed. This is because developers in Henlow usually acquire the site, 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 conveyancers 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 used to new build conveyancing in Henlow or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what was supposed to be a straight forward, no chain conveyancing. Henlow is where the house is located. What do you suggest?
Flying freeholds in Henlow are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Henlow you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Henlow may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
The property lawyers handling our conveyancing in Henlow has forwarded documents to review that show the property is unregistered with epitome documents. Surely all houses in Henlow should be registered?
Much of the property in Henlow is registered. An 'epitome' is basically a dossier of photocopies of documents affecting an unregistered title. Many Henlow conveyancing lawyers should be able to handle such matters but in the event that uncertainty exists the standard advice nowadays is for the vendor’s solicitor to register the title first and then sell - this this chain of events will result in a significant delay.