My nephew is purchasing a new build apartment in Brynmill with a home loan from HSBC. His lawyer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 HSBC 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 HSBC 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 Brynmill last December yet the purchaser is e-mailing daily to say his lawyer needs to hear from mine. What should my lawyer have done now that I have sold?
Following your sale your lawyer is duty bound to forward the transfer documentation and all supplemental paperwork to the buyer’s solicitors. Where appropriate, your lawyer should also send confirmation that the mortgage has been repaid to the purchasers solicitors. There is unlikely to be post completion requirements peculiar conveyancing in Brynmill.
I am considering applying for a Coventry BS mortgage for purchase of a newly converted (under development) in Brynmill with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Coventry BS ?
There is nothing to stop you using your solicitor, but Coventry BS will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a quick, no chain conveyancing. Brynmill is where the house is located. Can you offer any opinion?
Flying freeholds in Brynmill 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 Brynmill you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Brynmill 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 premises.
Are there frequently found defects that you come across in leases for Brynmill properties?
There is nothing unique about leasehold conveyancing in Brynmill. Most leases are drafted differently and drafting errors can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
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A provision to repair to or maintain parts of the premises Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Chelsea Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.
Brynmill Leasehold Conveyancing - Sample of Queries before Purchasing
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It is important to be aware if fixing the lift or some other major work is due in the near future that will be shared between the tenants and will materially impact the level of the maintenance charges or result in a one off payment. How many years remain on the lease? The prefered form of lease structure is where the freehold reversion is owned by the leaseholders. In this arrangement the tenants have control and notwithstanding that a managing agent is often employed where the building is bigger than a house conversion, the managing agent is directed by the tenants.
Is there a reason that Brynmill conveyancing charges are higher for leasehold and freehold properties?
If purchasing a leasehold property there is more work involved purely due to the fact that usually there are further parties involved in the form of the freeholder and/or Management Agents. As part of a lawyers enquiries they will check that all ground rent and service charges are paid up to date amongst other general leasehold matters. For this reason, the Sellers lawyers usually have to refer to the freeholder or Managing Agent for their replies to our questions. This may be time consuming and beyond the lawyers control