My nephew is in the process of securing a new build apartment in Coney Hall with a mortgage from Lloyds. His conveyancer has said that there is 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 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 Lloyds 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 Lloyds conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My Solicitor in Coney Hall has never been on on the The Royal Bank of Scotland Conveyancing Panel. Can I still continue with my family solicitor even though they are not on the The Royal Bank of Scotland list of approved lawyers?
Your options are as follows:
- Complete the purchase with your preferred Coney Hall lawyers but The Royal Bank of Scotland will need to use a solicitor on their list of acceptable firms. This will result in additional overall conveyancing charges and cause delays.
- Get an alternative lawyer to act in the purchase, obviously checking they are The Royal Bank of Scotland approved.
- Persuade your The Royal Bank of Scotland based solicitor to try to join the The Royal Bank of Scotland panel
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Coney Hall?
Two types of professional can carry out conveyancing in Coney Hall namely licenced conveyancers or solicitors. Both professionals administer conveyancing services that you need to complete the disposal or purchase of property. They are both obliged to conduct Coney Hall conveyancing on similar quality and guidelines so you may be sure that your conveyancing will be properly administered and that all necessary procedures will be accurately adhered to.
We are getting a further advance on our home loan from Leeds Building Society as we want to conduct improvements to our home in Coney Hall. Are we obliged to choose a high street Coney Hall solicitor on the Leeds Building Society conveyancing panel to deal with the paperwork?
Leeds Building Society do not ordinarily instruct a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Leeds Building Society conveyancing panel.
After what feels like an age I have had an offer on a maisonette in Coney Hall accepted, but there is a chain. The sellers have offered on on an apartment, however it’s not yet agreed to, and have viewings of other flats in the pipeline. I have instructed a nearby conveyancing solicitor in Coney Hall. What do I do now? At what stage should I apply for the mortgage with Kent Reliance?
It is normal to have anxieties where there is a chain as you are unlikely to want to incur expenses too early (mortgage application is in the region of £1k, then survey, Coney Hall conveyancing search fees, etc). The first thing to do is ensure that your solicitor is on the Kent Reliance approved list. Regarding the subsequent phase this very much dictated by the specifics of your case, desire for the property and on the state of the market. During a hot market the majority of home buyers will apply for a home loan with Kent Reliance and pay for the valuation and only if it was satisfactory would they pay their conveyancing practitioner to move forward with the conveyancing in Coney Hall.
How does conveyancing in Coney Hall differ for newly converted properties?
Most buyers of new build property in Coney Hall contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is built. This is because builders in Coney Hall usually acquire the real estate, 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 used to new build conveyancing in Coney Hall or who has acted in the same development.
Should I be suspicious by 3rd parties that I am dealing with are recommending an online conveyancing firm as opposed to a local Coney Hall conveyancing firm?
As with many professional services, often input from relatives can be most helpful. Nevertheless there are many players in a conveyancing deal; estate agents, financial adviser and banks may suggest conveyancers to instruct. Sometimes these lawyers might be known to one of the organisations as experts in their field, but occasionally there is an underlying financial incentive behind the recommendation. You are free to select your own conveyancer. You need to be aware that most banks specify a panel list of law firms you must use for the lender aspect of your home move.
My husband and I are novice buyers - agreed a price, yet the property agent informed us that the owners will only go ahead if we instruct the agent's recommended solicitors as they are insisting on a ‘quick sale’. We would rather use a local conveyancer accustomed to conveyancing in Coney Hall
We suspect that the owner is not behind this demand. If they require ‘a quick sale', taking such a hostile approach to a genuine buyer is likely to cause more damage than good. Contact the sellers directly and explain that (a)you are genuine purchasers (b)you are ready to go, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)however you are going to use your preferred Coney Hall conveyancing solicitors - as opposed tothose that will earn the estate agent a kickback or hit his conveyancing figures demanded by head office.