Our god-son is about to exchange on a newly built flat in Kegworth with a home loan from HSBC. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the HSBC 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 HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Is it the case that all Kegworth solicitor practices on the Virgin Money conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Virgin Money approved list of solicitors they would need to be overseen by the SRA. Some lenders do permit licenced conveyancers on their panel in which case such practice would be governed by the Council of Licensed Conveyancers.
We have agreed to purchase a house in Kegworth. A rare aspect is that the roof has a solar panel. Coventry BS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Coventry BS your lawyer must check the formal instructions set out in Section two of UK Finance Lenders’ Handbook for Coventry BS. The CML Handbook stipulates minimum provisions for solar panel roof-space leases, and solicitors are required to report to Coventry BS where a lease fails to satisfy these provisions. The conditions relate to the installation of panels on properties in England and Wales and is not limited to Kegworth.
I have paid off my mortgage with Nationwide. I assume I don't need a Kegworth property lawyer on the Nationwide panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Nationwide mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Nationwide mortgage from the register. Nationwide, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Nationwide has sent the Land Registry the discharge electronically, and
- Nationwide has instructed the Land Registry to do so
I am purchasing my first flat in Kegworth with a mortgage from The Mortgage Works. The sellers would not move on the price so I negotiated £7000 of additionals instead. The sale representative told me not reveal to my solicitor about this deal as it would affect my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what should have been a quick, chain free conveyancing. Kegworth is where the house is located. Can you offer any guidance?
Flying freeholds in Kegworth are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Kegworth you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Kegworth may ascertain 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 residence.
I have been advised by a number of property agents in Kegworth to choose a solicitor on your site. What’s the financial inducement for Estate Agents to promote your site over alternative conveyancing organisations?
We refuse to offer any referral fee for directing people to this site. We thought it would be too underhand a fee as members of the public would think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
What are the common problems that you come across in leases for Kegworth properties?
There is nothing unique about leasehold conveyancing in Kegworth. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
-
Clauses dealing with recovering service charges for expenditure on the building or common parts. A provision to repair to or maintain elements of the property
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Leeds Building Society, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the buyer to withdraw.
Leasehold Conveyancing in Kegworth - Examples of Questions you should ask Prior to buying
-
Its a good idea to find out as much as you can about the company managing the block as they can either make your life much easier or much more difficult. Being a leasehold owner you are frequently in the clutches of the managing agents from a financial perspective and when it comes to day to day issues like the upkeep of the communal areas. Enquire of other tenants if they are happy with them. In conclusion, be sure you know the dates that you are obliged pay the maintenance charge to the appropriate party and precisely what you get for your money. Is the freehold owned jointly by the tenants?