My son is in the process of securing a newly built flat in Nelson with a mortgage from Aldermore. His conveyancer has advised him of 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 transaction. Therefore, it will be provided to your son’s lawyer who should be on the Aldermore 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 Aldermore conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My grandmother passed away six months ago and as sole heir and executor I was left the house in Nelson. The house had a relatively small loan remaining of approximately £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Co-operative, pay off the mortgage. Is this possible?
Given you plan to refinance then Co-operative will require that you use a conveyancer on the Co-operative conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Co-operative conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Co-operative mortgage is registered as a charge at the Land Registry.
Will our conveyancer be making enquiries regarding flooding as part of the conveyancing in Nelson.
Flooding is a growing risk for lawyers carrying out conveyancing in Nelson. Plenty of people will purchase a house in Nelson, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to give advice on flood risk, but there are a number of checks that may be undertaken by the buyer or by their lawyers which will give them a better understanding of the risks in Nelson. The conventional set of property information forms supplied to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the vendor to determine if the property has suffered from flooding. In the event that flooding has previously occurred which is not revealed by the vendor, then a purchaser may bring a compensation claim as a result of such an inaccurate answer. A buyer’s conveyancers may also commission an enviro search. This will indicate if there is a recorded flood risk. If so, further inquiries will need to be conducted.
I am buying a new build house in Nelson with a mortgage from Halifax. The builders would not reduce the price so I negotiated 6k of extras instead. The estate agent told me not inform my conveyancer about the extras as it could impact my loan with Halifax. Do I keep my lawyer in the dark?.
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.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what was supposed to be a quick, no chain conveyancing. Nelson is where the house is located. Is there any guidance you can impart?
Flying freeholds in Nelson are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Nelson you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Nelson 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 residence.
We are 3 weeks into a residential purchase having been directed to a firm by the high street agent to handle our conveyancing in Nelson. We are not happy. Could you help me find new lawyers?
A conveyancer would need to be really bad to suggest diss instructing them. Has the mortgage offer been sent? In the event that it has you need to advise them of the new conveyancer and ensure the loan are re-sent. Your conveyancer should be on the lenders approved list to avoid escalating expenses and frustration. So that should be your starting point. Our search tool can help you find a bank approved solicitor for your conveyancing in Nelson