My god-son is purchasing a house that has just been built in Penistone with a mortgage from UBS. His conveyancer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document 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 UBS 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 UBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
How up to date is your search tool for Penistone conveyancing solicitors on the Principality conveyancing panel? Do Principality send you an updated list?
Penistone conveyancing firms themselves provide us confirmation that they are on the Principality conveyancing panel as opposed to being supplied with a list from Principality directly.
I currently have a mortgage with Clydesdale for my property in Penistone. Conveyancing has been completed months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Clydesdale?
Your original mortgage agreement with Clydesdale will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Clydesdale’s mortgage conditions. It may be that Clydesdale will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Clydesdale directly. You need not do this via a Clydesdale conveyancing panel solicitor.
I've digested plenty of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Penistone solicitor - who is on the Nottingham conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Nottingham will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nottingham will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Penistone postcode. As you are getting a mortgage with Nottingham, you could contact them to see if they have a list of approved surveyors in Penistone.
Aldermore have agreed my mortgage in principle, my bid on a property in Penistone has been agreed to, what happens next?
Your estate agent will wish to know who your solicitors are (make sure the property lawyers are on the bank’s approved list). Call up Aldermore or your financial adviser and complete any relevant documentation. Aldermore will instruct a valuer who will get in touch with the selling agent or owners to schedule an appointment. Once conducted (assuming no problems) it takes on average ten days to receive the mortgage offer. Aldermore will issue the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Penistone.
Due to the input of my in-laws I had a survey completed on a house in Penistone before appointing conveyancers. I have been advised that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies may refuse to issue a mortgage on such a premises.
It depends who your proposed lender is. HSBC has different instructions for example to Nationwide. If you contact us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Penistone. Conveyancing will be smoother if you use a solicitor in Penistone especially if they regularly deal with such properties in Penistone.
I have been recommended by numerous estate agents in Penistone to locate a conveyancer on your site. Is there a financial incentive for Estate Agents to promote your lawyers over a competitor’s?
We refuse to offer any financial incentive for pointing buyers and sellers to this site. We thought it would be too underhand a fee as members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Your search tool is useful but there are many lawyers listed near Penistone being on the lender conveyancing panel. Can you recommend a specific firm on the bank approved panel?
We do not recommend specific Penistone firms as the right Penistone conveyancing solicitor for you depends on where your priorities lie. For example you may require a local firm with Penistone knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..