Our son is in the process of securing a newly built flat in Tiptree with a mortgage from TSB. His lawyer has said that there is a delay in completing 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 engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the TSB 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 TSB conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Why do I have to pay up front when it comes to conveyancing in Tiptree?
Where you are retaining lawyers for conveyancing in Tiptree your lawyer will ask you place them with funds to cover the the cost of the conveyancing searches. Normally this is asked for to cover the fees of the conveyancing searches. If any down payment is as part of the total price then this will be required immediately ahead of contracts are exchanged. The closing balance that is needed will be payable shortly before completion.
We are buying a flat in Tiptree. It might be a silly question but how we can trust a conveyancer? At some point we will need to deposit our life savings into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am the single beneficiary of my late grandmother’s estate with all property in now in my sole name, including the my former home in Tiptree. The Tiptree property was put into my name in January. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', which means that my property ownership may be considered the same way as if I'd bought the property in January. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. How practical a view lenders take of it, depend on the bank as this provision is primarily there to capture the purchase and immediately sell or the wholesaling and assigning of property.
Completion of my purchase has taken place for my property in Tiptree. Conveyancing was a necessary evil but I would like to complain about the lender. How does one go about formally complaining?
Almost all lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Team at head office. We understand that complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
We are purchasing a house and the lawyer has identified Chancel Repair for which the house may be obligated to pay as it falls into the area of such a church. She has suggested insurance. Is this strictly required for conveyancing in Tiptree
Unless a prior purchase of the premises took place post 12 October 2013 you may expect conveyancing practitioners delivering conveyancing in Tiptree to continue to propose a a chancel search and or chancel repair liability policy.
I moved into my apartment on 11 February and the transaction details is not yet on the land registry website. Should I be concerned? My conveyancing solicitor in Tiptree expressed confidence that it should be dealt with in less than a month. Are properties in Tiptree uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Tiptree registration formalities. As opposed to being determined by geographic area, timescales can vary subject to the party submitting the application, whether there are errors and if the Land registry communicate with any interested persons or bodies. Currently roughly 80% of submission are fully dealt with in less than three weeks but occasionally there can be protracted delays. Registration is effected after the buyer is living at the property therefore 'speed' is not typically top priority yet where it is urgent that the the registration takes place urgently then you or your conveyancer could contact the land registry and explain the circumstances.
I'm purchasing a new build house in Tiptree benefiting from help to buy. The developers refused to move on the amount so I negotiated £7000 of extras instead. The sale representative suggested that I not reveal to my lawyer about this side-deal as it could impact my loan with the lender. 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.