Our son-in-law is buying a house that has just been built in Broxbourne with a home loan from UBS. His lawyer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document 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 UBS 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 UBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Having sold my house in Broxbourne last June yet the purchaser is texting me to say his solicitor is waiting to hear from mine. What should my lawyer have done following completion?
Post completion of your sale your lawyer is obliged to deliver the transfer documentation and all of the paperwork to the buyer’s solicitors. Depending on the transaction, your conveyancer must also send confirmation that the home loan has been repaid to the purchasers solicitors. There are no post completion tasks specific conveyancing in Broxbourne.
My fiance and I wish to acquire a newbuild apartment in Broxbourne with a mortgage from Britannia.We like our Broxbourne conveyancing practitioner but Britannia advised that he's not listed on their "panel". we are left little option but to use a Britannia panel lawyer or retain our local solicitor and fork out for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage issued to you is subject to its various provisions, a common one being that conveyancers will be on the Britannia solicitor panel. Until recently, most lenders had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Britannia
I am downsizing from our home in Broxbourne and according to the buyers it appears that there is a risk of it being constructed on contaminated land. A local conveyancer would know that there is no such problem. It does beg the question why the purchasers instructed a web based conveyancing outfit as opposed to a conveyancing solicitor in Broxbourne. Having lived in Broxbourne for 5 years we know of no issue. Is it a good idea to get in touch with our local Authority to get confirmation need.
It sounds as though you may have a conveyancing solicitor already. What do they say? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
I am buying a new build house in Broxbourne with the aid of help to buy. The developers refused to reduce the amount so I negotiated £7000 of additionals instead. The house builders rep suggested that I not disclose to my lawyer about the side-deal as it would adversely affect my mortgage with the bank. Is this normal?.
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.
Over the last few months I have been searching for a ground for flat up to £305k and found one near me in Broxbourne I like with a park and transport links in the vicinity, the downside is that it only has 52 years on the lease. There is not much else in Broxbourne for this price, so just wondered if I would be making a grave error buying a short lease?
If you require a mortgage the remaining unexpired lease term will be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.