My son is about to exchange on a newly built flat in Redland with a home loan from Nottingham. 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 engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Nottingham conveyancing panel as a standard part of the process, and to the surveyor when requested. 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 Nottingham conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do conveyancers ask for an advanced payment when it comes to conveyancing in Redland?
If you are buying a property in Redland your solicitor will ask you put them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. When the down payment is as part of the sale price then this will be required shortly ahead of exchange of contracts. The closing balance that is due will be payable shortly before completion.
Are there restrictive covenants that are commonly identified as part of conveyancing in Redland?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Redland. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Redland differ for new build properties?
Most buyers of new build or newly converted property in Redland approach us having been asked by the developer to exchange contracts and commit to the purchase even before the house is completed. This is because house builders in Redland typically buy 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 accustomed to new build conveyancing in Redland or who has acted in the same development.
As co-executor for the estate of my aunt I am selling a residence in Neath but reside in Redland. My solicitor (based 300 kilometers awayrequires that I execute a stat dec ahead of the transaction finalising. Can you recommend a conveyancing solicitor in Redland who can witness this legal document for me?
strictly speaking you are unlikely to need to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or solicitor will suffice regardless of whether they are located in Redland
How and when do I pay stamp duty due for my house transaction in Redland?
Most lawyers tend to fill out a Land Transaction Return Form for you during your Redland purchase transaction for you to sign. On completion your property lawyer will submit the Land Transaction Return Form to the Inland Revenue and - assuming they have the money - settle any tax bill liability for you.