Our nephew is in the process of securing a new build apartment in Torquay with a mortgage from Bank of Ireland. His conveyancer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 Bank of Ireland 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 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.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the UBS Conveyancing panel ahead of completing my conveyancing in Torquay?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
We had selected conveyancers locally in Torquay on the Santander solicitor panel. They have just invoiced me a separate sum for dealing with the Santander mortgage. Is this an additional conveyancing fee set by Santander?
Unfortunately, so long as it is in their Terms of Engagement or Quote then yes your conveyancer may levy a fee for this. The fee is not dictated by Santander but by your Torquay property lawyer. Plenty of firms on the Santander panel will charge ’dealing with mortgage’ fee but plenty of practices include it on their overall fee.
My partner and I have organised the release of further funds on our home loan from Bank of Ireland as we wish to carry out renovations to our home in Torquay. Do we need to select a nearby Torquay solicitor on the Bank of Ireland conveyancing panel to deal with the legals?
Bank of Ireland do not ordinarily instruct firms on their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Bank of Ireland panel.
Having digested plenty of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Torquay solicitor - who is on the Principality conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Principality will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your property lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Torquay postcode. As you are getting a mortgage with Principality, you could contact them to see if they have a list of approved surveyors in Torquay.
2 months have gone by since my purchase conveyancing in Torquay concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. 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 asset 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.
The estate agent has sent us the confirmation of our purchase of a new build flat in Torquay. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Torquay
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Please supply a car parking plan.
I am looking for a ground for flat up to £195,000 and identified one close by in Torquay I like with a park and station nearby, the downside is that it only has 49 years on the lease. There is not much else in Torquay for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan that many years may be problematic. Reduce the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.