My nephew is about to exchange on a house that has just been built in Cambridgeshire with a home loan from Yorkshire BS. 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 involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Yorkshire BS 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 Yorkshire BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Me and my partner are purchasing a apartment in Cambridgeshire. I might seem paranoid but how we can trust a lawyer? At some point we will need to put money into their account. What is the protection we have from them run away with our money?
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.
I'm the sole recipient of my late father’s will and I have everything in my name now, including the house in Cambridgeshire. The Cambridgeshire property was put into my name in December. I want to move. I understand that there is a Mortgage Lenders six month 'rule', meaning my property ownership may be treated the same way as if I'd bought the property in December. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be affected by that. How sensible a view lenders take of it, depend on the bank as this obligation is primarily there to pick up on subsales or the quick reselling of properties.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Cambridgeshire building society branch on a couple of occasions and was told it wasn't an issue and they will lend. My Cambridgeshire conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they refuse to lend in accordance with their specific requirements. Who do I believe?
The lawyer must follow the Council of Mortgage Lenders’ Handbook Part 2 provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
three months have gone by since my purchase conveyancing in Cambridgeshire completed. I have checked the Land Registry site which shows that I paid £200,000 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 Cambridgeshire differ for new build properties?
Most buyers of new build premises in Cambridgeshire come to us having been asked by the builder to exchange contracts and commit to the purchase even before the property is finished. This is because developers in Cambridgeshire usually buy the site, 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 accustomed to new build conveyancing in Cambridgeshire or who has acted in the same development.
As co-executor for the will of my father I am disposing of a property in Monmouth but live in Cambridgeshire. My solicitor (approximately 200 miles awayrequires that I execute a stat dec before the transaction finalising. Could you suggest a conveyancing lawyer in Cambridgeshire to attest this legal document for me?
Technically speaking you should not need to have the documents witnessed by a conveyancing solicitor. Normally or notary public or solicitor will suffice regardless of whether they are Cambridgeshire based
I have read on a number of online forums that before choosing a conveyancing firm they need approved by your lender. I am new to the process but I have an AIP with HSBC and I already have a high street conveyancing solicitor in Cambridgeshire lined up. Can Halifax need an approved lawyer to be selected? If so, where can I find that list so I can pick a conveyancing lawyer in Cambridgeshire?
You should instruct a solicitor that is on the Halifax panel. The simplest thing to do is telephone your chosen Cambridgeshire conveyancing solicitor and ask if they are on the Halifax panel. If they are not on the panel you have a number of options open to you here:
- Complete the purchase with your existing Cambridgeshire conveyancing practitioner but Halifax will undoubtedly instruct a lawyer from their approved panel. The net impact is additional fees and potential frustration.
- Choose a new conveyancing practitioner to conduct the conveyancing, making sure they are on the Halifax conveyancing panel.
- Convince your lawyer to pull out all the stops to get listed on the Halifax conveyancing panel.