My nephew is about to exchange on a new build apartment in Totton with a home loan from Virgin Money. His lawyer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
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 Virgin Money 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 Virgin Money conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
In what way does my ID and proof of funds have anything to do with my conveyancing in Totton? Is this really warranted?
To satisfy the Money Laundering Regulations any Totton conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility bill showing your correct address.
In accordance with Money Laundering Regulations, property lawyers are obliged by law to check not just the ID of conveyancing clients but also the source of monies that they receive in respect of any matter. Refusal to disclose this will lead to your solicitor ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to notify the appropriate authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
Various web forums that I have come across warn that are a common cause of hinderance in Totton conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances in the conveyancing process. Local searches are unlikely to be the root cause of slowing down conveyancing in Totton.
Due to the guidance of my in-laws I had a survey completed on a property in Totton ahead of appointing solicitors. I have been told that there is a flying freehold aspect to the property. The surveyor advised that some mortgage companies will refuse to give a loan on this type of home.
It varies from the lender to lender. HSBC has different requirements for example to Nationwide. If you e-mail us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Totton. Conveyancing will be smoother if you use a solicitor in Totton especially if they are accustomed to such properties in Totton.
Should I be suspicious about brokers that I am dealing with are encouraging me to use an online conveyancing firm as opposed to a High Street Totton conveyancing company?
As is the case with many service providers, often recommendations from relatives can be worth their weight in gold. But there are many players in a conveyancing deal; estate agents, mortgage brokers and mortgage companies might all put forward lawyers to choose. Sometimes the lawyers might be known to one of the organisations as experts in their field, but occasionally there may be a financial incentive behind the endorsement. You are at liberty to choose your own conveyancer. You need to be aware that some lenders specify a panel list of law firms you must use for the lender aspect of your home move.
My financial adviser has recommended their conveyancing practitioner for our conveyancing in Totton - Surely it’s advisable to just instruct them?
It is not always the case and you are at liberty to opt for whichever property lawyer of your choosing for your Totton home move. A lawyer suggested by a 3rd party adviser may not always be the best property lawyer, they may suggest their preferred conveyancing firm who are based far away. In this instance you may not have contact with your lawyer and due to the lack of continuity in the transaction, it may be difficult to obtain updates.