Our son-in-law is in the process of securing a house that has just been built in Bishopsworth with a home loan from TSB. His solicitor has said that there is a delay in receiving 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 TSB 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 TSB conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
What is the first thing I need to know about purchase conveyancing in Bishopsworth?
You may not hear this from too many lawyers but conveyancing in Bishopsworth and elsewhere in Bristol is an adversarial experience. Put another way, when it comes to conveyancing there exists plenty of room for confrontation between you and others involved in the legal transfer of property. E.g., the vendor, selling agent and sometimes a mortgage company. Appointing a solicitor for your conveyancing in Bishopsworth is a critical decision as your conveyancer is your adviser, and is the ONLY party in the transaction whose interest is to act in your legal interests and to protect you.
Every so often a potential adversary will attempt to persuade you that you should follow their advice. For instance, the property agent may claim to be assisting by claiming that your lawyer is dragging his heels. Or your financial adviser may tell you to do something that is contrary to your conveyancers recommendation. You should always trust your lawyer above all other parties in the conveyancing process.
My wife and I are purchasing a apartment in Bishopsworth. I might seem paranoid but how we can trust a solicitor? On the day of competition we have to put our life savings into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
When it comes to mortgage companies such as Virgin Money, do Bishopsworth conveyancing practitioners have to pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
is it true that all Bishopsworth solicitors on the Principality conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the Principality approved list of solicitors they would need to be overseen by the SRA. The majority of mortgage companies do allow licenced conveyancers on their panel and in that case the organisation would be governed by the CLC.
three months have gone by since my purchase conveyancing in Bishopsworth took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £215,000. 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 premises 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.
How does conveyancing in Bishopsworth differ for new build properties?
Most buyers of new build premises in Bishopsworth approach us having been asked by the developer to sign contracts and commit to the purchase even before the house is finished. This is because builders in Bishopsworth tend to purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Bishopsworth or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in two weeks back in what should have been a simple, chain free conveyancing. Bishopsworth is the location of the property. What do you suggest?
Flying freeholds in Bishopsworth are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Bishopsworth you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bishopsworth may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.