My son-in-law is purchasing a house that has just been built in Bishop Auckland with a mortgage from Leeds Building Society. 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 transaction. Therefore, it will be provided to your son’s lawyer who should be on the Leeds Building Society 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 Leeds Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We note that you have a post code search directory identifying firms on the RBS conveyancing panel. Do firms pay you a commission if I instruct them for our own conveyancing in Bishop Auckland?
We are a listing service only for law firms wishing to communicate if they are on the RBS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Bishop Auckland.
About to place a bid on a leasehold property in Bishop Auckland. The estate agents assure me that it is usual for flats in Bishop Auckland to have less than 75 years unexpired on the lease. I am getting a mortgage with Bank of Ireland. Will the property be mortgageable given that the lease has 70 years left.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 17/11/2024 the requirements read as follows :
I have justfound out that Stirling Law have closed. They carried out my conveyancing in Bishop Auckland for a purchase of a freehold house 18 months ago. How can I check that the property is in my name in the name of the previous owner?
The quickest way to see if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Bishop Auckland conveyancing specialists.
Due to the input of my in-laws I had a survey completed on a property in Bishop Auckland in advance of instructing lawyers. I have been told that there is a flying freehold aspect to the house. My surveyor advised that some lenders may not issue a mortgage on this type of premises.
It varies from the lender to lender. Lloyds has different requirements from Halifax. If you contact us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Bishop Auckland. Conveyancing will be smoother if you use a solicitor in Bishop Auckland especially if they are accustomed to such properties in Bishop Auckland.
One month into purchasing a property in Bishop Auckland. Conveyancing lawyer has called to say the title is "Leasehold". Will this likely make a difference on the marketability of the property?
Bishop Auckland conveyancing does not normally involve leasehold houses. The key consideration here is the unexpired lease term and the ground rent. If there are hundred of years years remaining with a nominal rent, it's virtually freehold, so it’s unlikely to impact the value too much.
On the flip side, if it's, say, 50 years it is bound to have a adverse effect on the saleability, and most likely wouldn't be mortgageable. The length of lease and ground rent will be set out in the lease provided to your conveyancing practitioner.