Our god-son is about to exchange on a new build apartment in Sawston with a mortgage from Bank of Ireland. His solicitor has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document 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 Bank of Ireland 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 Bank of Ireland conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We're in Sawston, FTBs purchasing with a mortgage (lender is Lloyds , and our lawyer is on the Lloyds conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Lloyds conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
We are buying a victorian detached house in Sawston. We would like to carry out a loft conversion at the house.Will legal due diligence on the property include investigations to ascertain if these alterations are allowed?
Your property lawyer will check the deeds as conveyancing in Sawston will on occasion identify restrictions in the title deeds which restrict certain alterations or need the consent of a 3rd party. Many additions need local authority planning consent and approval in accordance building regulations. Some areas are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. It would be prudent to check these issues with a surveyor ahead of any purchase.
Can you point me to a directory of Kent Reliance panel solicitors in Sawston on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. A small selection of mortgage companies make their panel listings available over the internet. If you are looking for a Sawston conveyancer on the Kent Reliance please use our tool.
I am expecting a DIP from Kent Reliance this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Kent Reliance recommend any Sawston solicitors on the Kent Reliance conveyancing panel, or is it better to go independently?
You will need to appoint Sawston solicitors independently although you'll need to choose one on the Kent Reliance conveyancing panel. The solicitor represents both you and Kent Reliance through the process.
Do I need to pay for insurance to address the risk of chancel repairs when acquiring a house in Sawston?
Unless a prior acquisition of the premises completed post 12 October 2013 you may take it that solicitors carrying out conveyancing in Sawston to continue to advocate a chancel search and or insurance against a claim.
Are there restrictive covenants that are commonly identified as part of conveyancing in Sawston?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Sawston. 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…’
I'm buying a new build house in Sawston benefiting from help to buy. The builders would not reduce the amount so I negotiated £7000 of additionals instead. The property agent told me not to tell my conveyancer about the extras as it may adversely affect my loan with the bank. Should I keep quiet?.
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.