Our grandson is buying a new build apartment in Townhill with a home loan from Bank of Ireland. His solicitor 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 document is intended to provide information to the main parties involved in the purchase. 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 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 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.
I purchased a freehold premises in Townhill but still pay rent, why is this and what is this?
It is rare for properties in Townhill and has limited impact for conveyancing in Townhill but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
I have been referred to a conveyancing solicitor in Townhill. I I am struggling to find out if they are on the Coventry Building Society approved list of lawyers. Can you assist?
You should contact your lawyer and ask them if they are on the lender panel. Otherwise you should get in touch with Coventry Building Society who may be able to confirm.
I'm the single recipient of my late grandmother’s estate and I have everything in my name now, including the house in Townhill. Conveyancing formalities meant that the Land Registry date was in September. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', which means that my proprietorship may be considered the same way as if I'd bought the house in September. Will no one buy the property for half a year?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be affected by that. How practical a view mortgage companies take of it, depend on the bank as this provision chiefly exists to identify subsales or the quick reselling of properties.
Is it the case that all Townhill CQS (Conveyancing Quality Scheme) solicitors are on the RBS conveyancing list of approved firms?
It is true that some banks and building societies now utilise CQS as the kick off point for Panel membership such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their panels.
Completion of my purchase has taken place for my property in Townhill. Conveyancing was of an acceptable standard but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
All lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Department at head office. Ordinarily complaints to a lender are sorted out very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
I am purchasing a new build house in Townhill with a loan from Barclays . The developers refused to budge the amount so I negotiated 6k of additionals instead. The sale representative suggested that I not disclose to my lawyer about this side-deal as it would affect my loan with Barclays . Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Due to the guidance of my in-laws I had a survey completed on a property in Townhill before instructing conveyancers. I have been informed that there is a flying freehold element to the house. The surveyor has said that some banks will refuse to grant a mortgage on this type of home.
It depends who your proposed lender is. Santander has different instructions from Halifax. If you e-mail us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Townhill. Conveyancing may be slightly more expensive based on your lender's requirements.