Our nephew is buying a house that has just been built in Plaistow with a mortgage from UBS. His conveyancer 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 form 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 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.
We note that you have a search directory listing solicitors on the Kent Reliance conveyancing panel. Do companies pay you a referral fee if I instruct them for our conveyancing in Plaistow?
We are a listing service only for law firms wishing to communicate if they are on the Kent Reliance conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Plaistow.
I happen to be the single beneficiary of my late grandmother’s estate with all property in now in my sole name, including the house in Plaistow. Conveyancing formalities meant that the Land Registry date was in December. I want to move. I understand that there is a Mortgage Lenders six month 'rule', meaning my proprietorship may be treated the same way as though I had purchased the property in December. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. How sensible a view mortgage companies take of it, depend on the mortgage company as this requirement is principally there to capture subsales or the wholesaling and assigning of property.
I am purchasing a property in Plaistow. An unusual aspect is that the roof has a solar panel. UBS 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 UBS your lawyer must check the formal requirements outlined in Section two of UK Finance Lenders’ Handbook for UBS. The CML Handbook sets out minimum specifications for solar panel roof-space leases, and conveyancers are required to report to UBS where a lease does not meet these requirements. The requirements relate to the installation of panels on properties countrywide and is not isolated to Plaistow.
The formalities of my purchase has taken place for my property in Plaistow. Conveyancing was satisfactory but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. Ordinarily complaints to a lender are resolved very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
three months have elapsed following my purchase conveyancing in Plaistow took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what should have been a straight forward, chain free conveyancing. Plaistow is where the house is located. Can you offer any opinion?
Flying freeholds in Plaistow are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Plaistow 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 Plaistow 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 property.
The mortgage broker has recommended their property lawyer for my conveyancing in Plaistow - Surely it’s advisable to just use them?
It is worth checking if the selling agent is recommending a conveyancer or introducing to a property lawyer. There are plenty of Plaistow selling agents who recommend two or three Plaistow conveyancing firms purely based on those lawyers offering a great service.