My son-in-law is buying a house that has just been built in Fulford with a home loan from Aldermore. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form 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 Aldermore 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 Aldermore conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Can you explain why leasehold purchase conveyancing in Fulford costs more?
In summary, leasehold conveyancing in Fulford and Staffordshire usually requires extra hours of investigation compared to freehold transactions. This includes checking the lease terms, communicating with the landlord concerning the service of required notices, procuring current service charge and management information, procuring the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
is it true that all Fulford solicitors on the Yorkshire BS conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Yorkshire BS conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Some mortgage companies do allow licenced conveyancers on their panel in which case such firms would be governed by the Council of Licensed Conveyancers.
I recently had an offer accepted on a house in Fulford. My financial adviser suggested a lawyer. I paid an upfront payment of £175. A few days later, the property lawyer called me to say that they were not on the Nationwide conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nationwide panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am due to exchange contracts on my flat. I had a double glazing fitted in August 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, RBS are being difficult. The Fulford solicitor who is on the RBS conveyancing panel is happy to accept ‘lack of building regulation’ insurance but RBS are requiring a building regulation certificate. Why do RBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that RBS have referred the matter to their valuer. The reason why RBS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I'm purchasing a new build house in Fulford with a loan from Nottingham Building Society. The sellers refused to reduce the price so I negotiated 6k of extras instead. The estate agent advised me not disclose to my solicitor about this extras as it would put at risk my mortgage with the lender. 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 identified one near me in Fulford I like with amenity areas and station nearby, the downside is that it only has 61 years unexpired on the lease. There is not much else in Fulford suitable, so just wondered if I would be making a mistake buying a short lease?
Should you need a home loan the shortness of the lease may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
I need to instruct a conveyancing solicitor for residential conveyancing in Fulford. I've stumble across a web site which appears to be the perfect solution If it is possible to get all formalities completed via email that would be preferable. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?