Our god-son is about to exchange on a house that has just been built in Arundel with a home loan from Skipton. His lawyer 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 engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Skipton conveyancing panel as a standard part of the process, and to the valuer 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 Skipton conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We see that you have a search directory listing law firms on the Nationwide conveyancing panel. Do firms pay you a referral fee if I appoint them for our own conveyancing in Arundel?
We are a listing service only for law firms wishing to communicate if they are on the Nationwide conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Arundel.
My house in Arundel is up for sale and I have a purchaser. Will my solicitor have to be on the Coventry BS conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Coventry BS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
I am aiming to move home in April. Does my conveyancing solicitor liaise with the removal company on the completion day. As an aside, can you recommend a removal company in Arundel. Conveyancing firm was organised before I stumbled across this website.
On the afternoon of completion you will need to pick up the keys from the property agent however this should only be done after the previous owners solicitors inform the agent that the monies to complete are in and the keys can be released. After that you can advise the removal company that they can start moving you in. As a matter of policy we do not suggest a specific removal organisation but can help you choose a residential property solicitor in Arundel or a solicitor with expertise in conveyancing in Arundel.
When it comes to lenders such as Principality, do Arundel lawyers incur a yearly amount to be on the list of approved solicitors?
We are not aware of any lender fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
My wife and I have organised the release of further funds on our mortgage from Principality as we wish to carry out alterations to our home in Arundel. Do we need to appoint a high street Arundel solicitor on the Principality conveyancing panel to deal with the legals?
Principality do not ordinarily appoint a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Principality panel.
2 months have gone by following my purchase conveyancing in Arundel concluded. I have checked the Land Registry site which shows that I paid £200,000 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.
I'm purchasing a new build house in Arundel with a loan from Britannia. The developers would not reduce the amount so I negotiated 6k of fixtures and fittings instead. The house builders rep advised me not to tell my solicitor about this extras as it will put at risk my mortgage with Britannia. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.