My nephew is buying a house that has just been built in Weymouth with a mortgage from Virgin Money. His conveyancer has said that there is a delay in receiving 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 involved 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 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 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.
Will lawyers request an advanced payment when it comes to conveyancing in Weymouth?
Where you are retaining lawyers for conveyancing in Weymouth your solicitor will request that you to provide them with monies to cover the search fees. This will be the total of the cost of the conveyancing searches. When the down payment is as part of the sale price then this will be required shortly in advance of exchange of contracts. The closing balance that is needed will be payable shortly before completion.
I had intended to instruct a conveyancing solicitor in Weymouth for our house purchase. Our financial adviser informed us that our mortgage lenders National Westminster Bank won't deal with them. Surely this is unfair competition?
A decade ago most mortgage companies had a different appetite for risk. Almost all Weymouth conveyancing firms would have been on many lender panels. The financial services regulator in 2010 carried out a thematic review into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more data from law firms concerning their operations and their employees and establishing certain criteria such a completing on a minimum volume of conveyancing. Many Weymouth conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Weymouth is amongst the hundreds of areas where the solicitors we list are are authorised to act for National Westminster Bank.
My wife and I are in the throws of viewing houses in Weymouth and I am about to put in an offer. Is it too early to have a solicitor in place? I will be getting a mortgage with Co-operative.
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. Given that you are seeking a mortgage with Co-operative, make sure you remember to check that your lawyer is on the Co-operative conveyancing panel.
I can not work out if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Weymouth bank branch on a couple of occasions and was informed it wasn't an issue and they will lend. My Weymouth conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
Provided that the conveyancer is on the bank panel, she or he must adhere to the CML Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am due to exchange contracts on my apartment. I had a double glazing fitted in December 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Principality are being a right pain. The Weymouth solicitor who is on the Principality conveyancing panel is recommending indemnity insurance as a solution but Principality are requiring a building regulation certificate. Why do Principality have a conveyancing panel if they don't accept advice from them?
It is probably the case that Principality have referred the matter to their valuer. The reason why Principality may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
We are downsizing from our house in Weymouth and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. A local lawyer would know that there is no such problem. It does beg the question why the buyers used an online conveyancing firm rather than a conveyancing solicitor in Weymouth. Having lived in Weymouth for 5 years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to get confirmation need.
It sounds as though you may have a conveyancing solicitor already. What do they say? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
I am looking to sell my property. My previous lawyers have shut. I would be grateful for any recommendation of a conveyancing firm. I happen to live in Weymouth if that affects matters.
Please use our search tool to help you choose a solicitor for your conveyancing in Weymouth. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes with a minimum of fuss.