My son-in-law is in the process of securing a house that has just been built in Alexandra Park with a mortgage from Principality. His conveyancer has advised him of 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 Principality 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 Principality conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
If you had a top tip for selecting a conveyancing solicitor in Alexandra Park what would it be?
We would encourage you not to base your choice on the cheapest Alexandra Park conveyancing quote. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
I happen to be the only beneficiary of my late grandmother’s will with all property in now in my sole name, including the my former home in Alexandra Park. Conveyancing formalities meant that the Land Registry date was in September. I now wish to sell up. I understand that there is a Mortgage Lenders six month 'rule', which means that my property ownership may be considered the same way as though I had purchased the house in September. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook instructs 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 might be caught by that. many mortgage companies would take a practical view as this obligation principally exists to pick up on subsales or the wholesaling and assigning of properties.
TSB have agreed my home loan in principle, my bid on a house in Alexandra Park has been agreed to, what happens next?
The estate agent will want to know who your solicitors are (be sure the lawyers are on the bank’s approved list). Contact TSB or the broker and finalise any appropriate documentation. TSB will appoint a valuer who will get in touch with the selling agent or seller to schedule an appointment. Once carried out (assuming no problems) it takes on average ten days to receive the mortgage offer. TSB will issue the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Alexandra Park.
Should my solicitor be making enquiries regarding flooding during the conveyancing in Alexandra Park.
Flooding is a growing risk for conveyancers dealing with homes in Alexandra Park. There are those who purchase a property in Alexandra Park, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Solicitors are not qualified to give advice on flood risk, however there are a numerous searches that can be undertaken by the purchaser or by their lawyers which should figure out the risks in Alexandra Park. The standard property information forms supplied to a buyer’s lawyer (where the Conveyancing Protocol is adopted) contains a usual question of the owner to discover if the premises has historically flooded. If the residence has been flooded in past which is not revealed by the vendor, then a purchaser may bring a compensation claim as a result of such an misleading reply. The buyer’s lawyers should also order an environmental report. This should indicate if there is any known flood risk. If so, more detailed investigations should be made.
My wife and I purchased a renovated Victorian house in Alexandra Park. Conveyancing solicitor represented me and Virgin Money. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, the second leasehold with the matching property. I thought I was buying a freehold how can I check?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Alexandra Park and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the position with the conveyancing practitioner who conducted the purchase.
I am buying a new build house in Alexandra Park with a loan from HSBC Bank. The sellers would not move on the price so I negotiated 6k of extras instead. The property agent told me not inform my lawyer about this side-deal as it could jeopardize my loan with the lender. 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.
Should one as executor remove a departed person's name from the title register for a house in Alexandra Park?
If a Alexandra Park property is jointly owned and one of the owners passes away, the name will not immediately be removed from the Land Registry title. It is not necessary to remove their name as when it comes to a sale your lawyer would simply be asked to supply proof why the co proprietor is not included in the transfer, typically this takes the form of the probate documents.
With a view to making the sale conveyancing simpler in the future you can arrange to have the deceased party removed from the title by submitting an application to HM Land Registry with evidence of the death. There is no land registry fee payable.