My son-in-law is in the process of securing a house that has just been built in Hessle with a home loan from Leeds Building Society. 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 involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Leeds Building Society 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 Leeds Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
It is a dozen years since I acquired my property in Hessle. Conveyancing lawyers have just been retained on the sale but I am unable to locate my deeds. Is this a problem?
Don’t worry too much. Firstly the deeds may be with the mortgage company or they may still be with the lawyers who acted in your purchase. Secondly in all probability the property will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing lawyers procuring up to date copy of the land registers. The vast majority of conveyancing in Hessle relates to registered property but in the rare situation where your property is not registered it adds to the complexity but is not insurmountable.
I have a decision in principle. The bank mentioned the home loan came with free conveyancing. Does this mean I have to use their panel conveyancer as I would prefer to appoint a high street conveyancing solicitor in Hessle?
You should check but the the probability is that appoint one of their panel conveyancers should you take up the "fee-free" offer. Contact the lender to ask if they offer you a monetary alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case that money can go towards the cost for your conveyancing solicitor near Hessle.
Due to the input of my in-laws I had a survey completed on a house in Hessle in advance of retaining lawyers. I have been advised that there is a flying freehold aspect to the property. My surveyor advised that some lenders may refuse to give a loan on such a house.
It varies from the lender to lender. Lloyds has different requirements from Birmingham Midshires. Should you wish to call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Hessle. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Hessle to see if the conveyancing costs will increase in light of this.
My partner has recommend that I use his conveyancing solicitors in Hessle. Should I use them?
No doubt it’s preferable to select a conveyancing practitioner is to seek recommendations from friends or relatives who have previously instructed the firm that you are contemplating using.
I dont have enough spare money to pay a 10% deposit on my apartment purchase in Hessle , but I am keen proceed. What can I do?
You can agree a lesser deposit. Many property owners will agree to a lesser deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last minute