Our nephew is purchasing a house that has just been built in Pentraeth with a home loan from Leeds Building Society. His solicitor has said that there is a delay in receiving 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 involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Leeds Building Society 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 Leeds Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My Solicitor in Pentraeth is not on the Nationwide Building Society Solicitor Panel. Is it possible for me to continue with my family solicitor notwithstanding that they are excluded from the Nationwide Building Society list of approved lawyers?
Your options are as follows:
- Carry on with your existing Pentraeth lawyers but Nationwide Building Society will need to instruct a solicitor on their panel. This will result in additional overall conveyancing charges and result in frustration.
- Get an alternative practitioner to act in the conveyancing, obviously checking they are Persuade your lawyer to use their best endeavours to join the Nationwide Building Society conveyancing panel
I have recentlybeen informed that Stirling Law have been shut down. They carried out my conveyancing in Pentraeth for a purchase of a leasehold apartment 18 months ago. How can I be sure that the property is not still registered in the name of the former proprietor?
The easiest method to check if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Pentraeth conveyancing specialists.
I am purchasing my first flat in Pentraeth with the aid of help to buy. The builders would not reduce the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not reveal to my conveyancer about this deal as it could put at risk my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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 issue on a house I have offered on a fortnight ago in what was supposed to be a quick, chain free conveyancing. Pentraeth is where the house is located. Is there any guidance you can impart?
Flying freeholds in Pentraeth 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 Pentraeth you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Pentraeth 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 premises.
Do I need to be concerned by estate agents that I am dealing with are suggesting an online conveyancing firm rather than a local Pentraeth conveyancing practice?
As is the case with lots of professional services, often input from relatives can be extremely useful or valuable. But there are many parties with a vested interest in a conveyancing transaction; estate agents, mortgage brokers and banks might all recommend solicitors to instruct. On occasion the lawyers might be known to one of the organisations as one of the best in their field, but sometimes there is an underlying financial incentive behind the recommendation. You have the right to choose your preferred lawyer. However, bear in mind that some banks specify a panel list of solicitors you must use for the lender aspect of your transaction.