My nephew is buying a house that has just been built in Ashtead with a mortgage from Virgin Money. His conveyancer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form 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.
We're in Ashtead, First time buyers buying with a mortgage (lender is Aldermore , and our solicitor is on the Aldermore conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Aldermore conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I understand that there are debates on Chancel Insurance on online forums. Am I compelled to have this when acquiring a residence in Ashtead? or I am told that there is a law dating back centuries that means some homeowners living in a parish church boundary may be liable to pay for repairs towards the chancel in proximity to the church. Is this appropriate for conveyancing in Ashtead?
Unless a previous acquisition of the house completed after 12 October 2013 you could assume that lawyers handling conveyancing in Ashtead to continue to propose a a chancel search and or insurance against a claim.
I am buying my first flat in Ashtead with a mortgage from Coventry Building Society. The sellers refused to budge the price so I negotiated five thousand pounds worth of additionals instead. The estate agent told me not reveal to my solicitor about this deal as it could jeopardize my loan with the bank. Should I keep quiet?.
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.
I opted to have a survey carried out on a property in Ashtead in advance of instructing lawyers. I have been informed that there is a flying freehold aspect to the property. Our surveyor has said that some banks may refuse to give a loan on this type of premises.
It depends who your proposed lender is. Lloyds has different requirements from Halifax. If you e-mail us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Ashtead. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Ashtead to see if the conveyancing costs will increase in light of this.
How straightforward is it to use your search tool to locate a conveyancing lawyer in Ashtead on the panel for my lender?
Step one is to select a bank such as Santander, The Mortgage Works or Clydesdale then choose your location e.g. Ashtead. Conveyancing practices in Ashtead and nationally will then be identified.