My grandson is buying a newly built flat in Bedford Park with a mortgage from RBS. His solicitor has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 RBS 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 RBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Finally the sale completed on my house in Bedford Park last January yet the purchaser is calling me complaining that his lawyer is waiting to hear from mysolicitor. What should my lawyer have done following completion?
Following your house sale your solicitor should deliver the transfer documentation and all additional paperwork to the purchaser's solicitors. If applicable, your solicitor should also confirm that the mortgage has been paid off to the purchasers lawyers. There is unlikely to be post completion procedures peculiar conveyancing in Bedford Park.
We're in Bedford Park, First timers purchasing with a mortgage (lender is Bank of Ireland , and our solicitor is on the Bank of Ireland conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Bank of Ireland conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor 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'm buying my first flat in Bedford Park with a loan from The Mortgage Works. The sellers would not reduce the price so I negotiated 6k of extras instead. The house builders rep told me not reveal to my solicitor about this extras as it could adversely affect my mortgage with the lender. Should I keep quiet?.
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.
I am looking for a flat up to £245,000 and found one close by in Bedford Park I like with open areas and railway links nearby, however it's only got 52 remaining years left on the lease. I can't really find anything else in Bedford Park suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a home loan the remaining unexpired lease term will be problematic. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
Our bank agreed in principle to give us a mortgage. We appointed a local conveyancer in Bedford Park yesterday. This morning, our broker phoned to advise us that the bank said that we cannot use our solicitor as they aren't on their 'approved list'. As novices, we had no idea that the bank had a say Is this allowed?
You are permitted to use any conveyencer you wish to appoint for your conveyancing in Bedford Park nevertheless if they are not on the your bank's panel you will have to incur additional cost so your bank can instruct their own solicitors as well to protect their interest. sometimes it is possible your preferred conveyancing firm to get added to the lender panel. You can use internet tools such as lenderpanel.com to find a conveyancing solcitor in Bedford Park on the lender panel. You can go into your local lender branch in Bedford Park. They can recommend conveyancing solicitors in Bedford Park on the panel for your bank.