My son is purchasing a new build apartment in Chellaston with a home loan from Bank of Ireland. His conveyancer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 Bank of Ireland conveyancing panel as a standard part of the process, and to the surveyor 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 Bank of Ireland conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My colleague advised me that if I am purchasing in Chellaston I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is usually included in the estimate for your Chellaston conveyancing searches. It is a large report of about 40 pages, listing and setting out significant information about Chellaston around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Chellaston Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with plans and statistics, Local Amenities and other useful information concerning Chellaston.
It has been 3 months following my purchase conveyancing in Chellaston concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. 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 property 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 am purchasing my first flat in Chellaston with a loan from Santander. The builders would not move on the amount so I negotiated 6k of fixtures and fittings instead. The sale representative advised me not inform my solicitor about the extras as it could jeopardize my loan with Santander. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
We're first time buyers - agreed a price, but the estate agent informed us that the owners will only issue a contract if we appoint the agent's chosen solicitors as they want an ‘expedited deal’. We would rather use a high street solicitor used to conveyancing in Chellaston
We suspect that the owner is not behind this ultimatum. Should the vendor require ‘a quick sale', turning down a genuine purchaser is counter productive. Speak to the owners direct and explain that (a)you are keen to buy (b)you are ready to go, with finances in place © you are chain free (d) you intend to proceed fast (e)however you intend to appoint your preferred Chellaston conveyancing firm - rather thanthose that will provide their negotiator at the agency a kickback or achieve conveyancing figures demanded by head office.
My lawyers in Chellaston have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with the bank. Is it case that being on the lender conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the bank Conveyancing Panel Terms. It might be worth you contacting the bank directly.