Our nephew is buying a new build apartment in Luton with a home loan from TSB. His solicitor has advised him of a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document 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 TSB 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 TSB conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
How does conveyancing in Luton differ for new build properties?
Most buyers of new build or newly converted property in Luton approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is finished. This is because builders in Luton usually purchase the land, 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 Luton or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in Luton in advance of retaining solicitors. I have been advised that there is a flying freehold element to the property. My surveyor has said that some mortgage companies may not give a mortgage on such a premises.
It depends who your proposed lender is. Santander has different requirements for example to Nationwide. Should you wish to telephone us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Luton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Luton to see if the conveyancing costs will increase in light of this.
I was recommended by a few selling agents in Luton to get a quote from a solicitor on your site. What’s the financial advantage for Estate Agents to recommend your services over and above another?
We don’t give any financial incentive for sending work to this site. We thought it would be too underhand to pay a commission as home movers will think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
My husband and I are FTB’s - agreed a price, but the property agent told us that the seller will only move forward if we instruct the agent's chosen solicitors as they are insisting on a ‘quick sale’. Our preferred option is to instruct a high street conveyancer used to conveyancing in Luton
We suspect that the seller is not behind this requirement. If they desire ‘a quick sale', turning down a serious purchaser is likely to cause more damage than good. Speak to the vendors direct and make the point that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you have nothing to sell (d) you wish to move quickly (e)however you are going to instruct your own,trusted Luton conveyancing firm - not the ones that will provide the negotiator at the agency a referral fee or meet his conveyancing thresholds demanded by senior management.
Do I cancel the direct debit for my mortgage with Nationwide once a completion date for my sale in Luton has been agreed?
No, you must continue meeting any mortgage payments to Nationwide pending the mortgage being discharged on completion as part of your Luton conveyancing.