Our son is purchasing a newly built flat in Cheslyn Hay with a mortgage from Nottingham. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form 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 Nottingham 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 Nottingham conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
is it true that all Cheslyn Hay solicitor practices on the Yorkshire BS conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the Yorkshire BS approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. Some mortgage companies do allow licenced conveyancers on their panel in which case such organisation would be overseen by the CLC.
I am purchasing a property in Cheslyn Hay. A rare aspect is that the roof has a solar panel. UBS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is UBS your lawyer must comply with the formal instructions set out in Part two of UK Finance Lenders’ Handbook for UBS. The Council of Mortgage Lenders’ Handbook includes minimum requirements for solar panel roof-space leases, and conveyancers are required to report to UBS where a lease fails to meet these specifications. The requirements relate to the installation of panels on properties nationwide and is not isolated to Cheslyn Hay.
I have paid off my mortgage with Clydesdale. I assume I don't need a Cheslyn Hay lawyer on the Clydesdale panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Clydesdale mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Clydesdale mortgage from the register. Clydesdale, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Clydesdale has sent the Land Registry the discharge electronically, and
- Clydesdale has instructed the Land Registry to do so
I have been told that property searches are the number one cause of stalling in Cheslyn Hay house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not figure within the common causes of delays during the legal transfer of property. Searches are unlikely to feature in any holding up conveyancing in Cheslyn Hay.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Cheslyn Hay?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Cheslyn Hay. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm buying a new build house in Cheslyn Hay with the aid of help to buy. The sellers would not reduce the price so I negotiated 6k of additionals instead. The estate agent suggested that I not to tell my solicitor about the side-deal as it could impact my loan with the bank. Should I keep quiet?.
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.
I have been on the look out for a ground for flat up to £305k and found one round the corner in Cheslyn Hay I like with amenity areas and station in the vicinity, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Cheslyn Hay for this price, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a home loan the shortness of the lease may be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.