Our nephew is about to exchange on a house that has just been built in Dawlish with a home loan from Leeds Building Society. His lawyer has advised him of a delay in receiving 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 transaction. Therefore, it will be provided to your son’s lawyer who should be on the Leeds Building Society conveyancing panel as a standard part of the process, and to the surveyor 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 Leeds Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Please explain the implications if my lawyer’s firm is suspended from the UBS Conveyancing panel ahead of completing my conveyancing in Dawlish?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Are there restrictive covenants that are commonly identified as part of conveyancing in Dawlish?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Dawlish. 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…’
How does conveyancing in Dawlish differ for newly converted properties?
Most buyers of new build or newly converted property in Dawlish contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is completed. This is because house builders in Dawlish typically purchase the site, 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 conveyancing solicitors 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 accustomed to new build conveyancing in Dawlish or who has acted in the same development.
Over the last few months I have been searching for a flat up to £195,000 and identified one round the corner in Dawlish I like with a park and station nearby, however it only has 49 remaining years left on the lease. There is not much else in Dawlish for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan the remaining unexpired lease term will be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least twenty four months you could request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
We are hoping to purchase a repossessed flat in Dawlish and the bank selling require completion inside a week. Can a lawyer meet that timeframe? Am I best advised to select a high street Dawlish firm or an online firm that professes to complete quickly?
Attend your Dawlish high street. Pop in to 3 solicitor’s offices and request to talk to a conveyancing solicitor for a quote. Explain your requirements and get assurances on time frames. Choose the firm that appears most genuine. Make sure to use a conveyancer on the list of lawyers acceptable to your lender.