My son-in-law is buying a house that has just been built in Hurst Green with a home loan from Bank of Ireland. His solicitor 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 form is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Bank of Ireland 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 Bank of Ireland 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 when buying a house in Hurst Green. My lender is Chelsea Building Society
Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 20/9/2022, the requirements read as follows :
I have been told that property searches are the number one reason for delay in Hurst Green conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of hindrances during the legal transfer of property. Searches are not likely to be the root cause of holding up conveyancing in Hurst Green.
How does conveyancing in Hurst Green differ for new build properties?
Most buyers of new build property in Hurst Green come to us having been asked by the developer to sign contracts and commit to the purchase even before the house is ready to move into. This is because house builders in Hurst Green tend to purchase 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 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 used to new build conveyancing in Hurst Green or who has acted in the same development.
We're novice buyers - agreed a price, but the estate agent has warned us that the seller will only move forward if we appoint the agent's preferred solicitors as they are insisting on a ‘quick sale’. My instinct tells me that we should use a local conveyancer accustomed to conveyancing in Hurst Green
We suspect that the seller is not behind this requirement. Should the vendor want ‘a quick sale', alienating a genuine buyer is not the way to achieve this. Contact the sellers directly and explain that (a)you are serious buyers (b)you are ready to progress, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)however you will continue to use your preferred Hurst Green conveyancing lawyers - not the ones that will earn their estate agent a introducer fee or hit his conveyancing targets pre-set by head office.
We have chosen a Hurst Green conveyancing solicitor for our house purchase (FTB’s) and have noticed in the engagement letter that they are not governed by the FCA. Need I be worried or is that the norm with conveyancer?
We can't see why they should be. Most property lawyer don't lend money. You should check that they are governed by the Solicitors Regulation Authority, who have stringent conditions regulating monies sitting on client account.