My son is about to exchange on a newly built flat in Clun with a mortgage from Bank of Ireland. His lawyer has advised him of a delay in completing 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 transaction. 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 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 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.
It is is a decade since I acquired my home in Clun. Conveyancing solicitors have now been appointed on the sale but I am unable to track down the title deeds. Will this jeopardise the sale?
Don’t worry too much. Firstly there is a possibility that the deeds will be retained by the lender or they may be in the possession of the solicitor who handled the purchase. Secondly the chances are that the land will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors procuring current official copies of the land registers. Most conveyancing in Clun involves registered property but in the rare situation where your property is unregistered it adds to the complexity but is resolvable.
Will my conveyancer be making enquiries concerning flooding as part of the conveyancing in Clun.
Flooding is a growing risk for solicitors dealing with homes in Clun. Plenty of people will purchase a house in Clun, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Conveyancers are not qualified to impart advice on flood risk, but there are a numerous checks that can be undertaken by the buyer or by their conveyancers which will give them a better understanding of the risks in Clun. The conventional set of information sent to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the vendor to determine whether the premises has historically flooded. If flooding has previously occurred and is not disclosed by the seller, then a purchaser may bring a legal claim for losses stemming from an incorrect answer. The buyer’s lawyers should also commission an enviro report. This will disclose whether there is any known flood risk. If so, more detailed inquiries should be made.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Clun. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Clun
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
I have been pointed in your direction by three or four local property agents in Clun to select a solicitor using your seach tool. Is there a financial incentive for Estate Agents to market your lawyers ahead of a competitor’s?
We don’t offer any commission for pointing buyers and sellers our way. We thought it would be too underhand a fee as a client could think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the bank conveyancing panel. My lawyer has said that they are on the lender approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the lender conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the bank solicitor panel.