My god-son is purchasing a house that has just been built in Blaenau Gwent with a home loan from Principality. His conveyancer 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 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 Principality 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 Principality 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 identifying firms on the HSBC conveyancing panel. Do firms pay you a referral fee if I retain them for our own conveyancing in Blaenau Gwent?
We are a listing service only for law firms wishing to communicate if they are on the HSBC conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Blaenau Gwent.
Is it necessary during the course of the conveyancing process to visit the offices of the solicitor to execute the legal charge? If so, I will instruct a firm who offer conveyancing in Blaenau Gwent so that I can attend their offices if necessary.
Whereas this was necessary 12 years ago, almost all mortgage companies no longer require their conveyancing panel solicitor to witness the mortgagors signature. You will still be obliged to supply identification documents and there are still distinct benefits to using a local practitioner, in your case a conveyancing solicitor in Blaenau Gwent.
Will our lawyer be asking questions regarding flooding during the conveyancing in Blaenau Gwent.
Flooding is a growing risk for lawyers conducting conveyancing in Blaenau Gwent. Some people will purchase a house in Blaenau Gwent, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to give advice on flood risk, however there are a number of checks that may be undertaken by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Blaenau Gwent. The standard information given to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the owner to discover whether the premises has historically flooded. If the residence has been flooded in past and is not revealed by the owner, then a purchaser may bring a claim for damages resulting from an incorrect answer. The buyer’s conveyancers may also commission an environmental search. This should higlight if there is any known flood risk. If so, further inquiries will need to be made.
Can you offer any advice when it comes to choosing a Blaenau Gwent conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for your lease extension (regardless if they are a Blaenau Gwent conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Blaenau Gwent conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be useful:
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How experienced is the firm with lease extension legislation? Can they put you in touch with clients in Blaenau Gwent who can give a testimonial?
Blaenau Gwent Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to buying
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It is important to be aware if fixing the lift or some other significant cost is due in the near future that will be shared between the leaseholders and may well materially increase the the service fees or result in a one time invoice. You should be aware that where the lease has fewer than eighty years it will have adverse implications on the value of the property. Check with your bank that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of how much this will be. For most Blaenau Gwentlease extensions you will need to own the residence for a couple of years in order to be entitled to extend the lease. Can you inform me if there are any major works anticipated that will likely add a premium to the maintenance charges?
Can you suggest a good Blaenau Gwent conveyancing practitioner for purchasing an apartment? A work colleague suggested one but their estimate was £1150 for a 250k property. That seems high. The lender will be Principality.
LenderPanel.com is limited to being a directory service for lawyers who want to be listed as being on the approved conveyancing panel for Principality in certain locations for instance Blaenau Gwent . Our intention is not to recommend any particular conveyancing practitioner.