Our grandson is purchasing a house that has just been built in Castle Bromwich with a home loan from RBS. His lawyer has said that there is a delay in completing 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 engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the RBS conveyancing panel as a standard part of the process, and to the valuer 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 RBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I'm in the throws of viewing flats in Castle Bromwich and I am now considering a potential offer. Is it sensible to have a solicitor on ‘stand by’? I will be getting a home loan with TSB.
You should start obtaining conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. Given that you are obtaining a mortgage with TSB, make sure you remember to check that your lawyer is on the TSB conveyancing panel.
Completion of my remortgage has taken place for my property in Castle Bromwich. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
Most banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. In most cases complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Castle Bromwich bank branch on a couple of occasions and was told it wasn't a problem and they would lend. My Castle Bromwich conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they will not lend in accordance with their published requirements. Who do I believe?
The conveyancer must comply with the Council of Mortgage Lenders’ Handbook Part 2 conditions 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
four months have elapsed since my purchase conveyancing in Castle Bromwich took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. 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 asset 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.
I have been on the look out for a leasehold apartment up to £305k and found one close by in Castle Bromwich I like with amenity areas and transport links in the vicinity, the downside is that it's only got 49 years on the lease. There is not much else in Castle Bromwich for this price, so just wondered if I would be making a grave error buying a short lease?
Should you need a home loan the shortness of the lease may be problematic. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
Is it simple use the search tool to get a quote from a conveyancing lawyer in Castle Bromwich on the approved list for my mortgage?
Step one is to pick a bank such as Halifax, Barnsley Building Society or Aldermore then type in your preferred area for instance Castle Bromwich. Conveyancing firms in Castle Bromwich and further afield will then be listed.
My wife and I have an offer in principle from Alliance & Leicester who said that they will lend up to £218k. At what point do we need to appoint a solicitor for conveyancing? Castle Bromwich is where we plan to move to.
It would be wise to appoint a lawyer now so that the lawyer can open the ledger so they can do their AML checks etc. Once you wish them to start work they will seek a deposit normally about £225. That should normally be once you have the mortgage offer and survey back, however if you wish to expedite the process you can start the ball rolling sooner albeit risking some expense.