Our son-in-law is buying a house that has just been built in Glastonbury with a mortgage from Nationwide. His solicitor 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 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 Nationwide 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 Nationwide conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We're in Glastonbury, FTBs purchasing with a mortgage (lender is HSBC , and our solicitor is on the HSBC conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the HSBC conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Forgive me if this question is silly but I am unexperienced as FTB of a garden flat in Glastonbury. Do I collect the keys to the property on completion from my conveyancer? If this is the case, I will appoint a High Street conveyancing solicitor in Glastonbury?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the purchase money to the vendor’s solicitors, and shortly after the monies have arrived, you should be called to receive the keys from the Estate Agents and move into your new home. This tends to happen early afternoon.
I am the only recipient of my late father’s estate with all property in now in my sole name, including the my former home in Glastonbury. Conveyancing formalities meant that the Land Registry date was in January. I plan to dispose of the house. I understand that there is a Mortgage Lenders six month 'rule', meaning my proprietorship could be regarded the same way as though I had purchased the property in January. Will no one buy the property for half a year?
The CML handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be affected by that. How practical a view lenders take of it, depend on the mortgage company as this provision chiefly exists to capture subsales or the wholesaling and assigning of properties.
is it true that all Glastonbury conveyancing solicitors on the Skipton conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the Skipton conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. Many lenders do list licenced conveyancers on their panel in which case such practice would be governed by the CLC.
I need some expedited conveyancing in Glastonbury as I have a deadline to exchange contracts within one month. Luckily I do not need a mortgage. Can I avoid the conveyancing searches to save money and time?
If.Given you are not getting a mortgage you have the choice not to have searches conducted although no lawyer would advise that you don't. With plenty of history conveyancing in Glastonbury the following are instances of issues that can show up and adversely impact future mortgageability: Enforcement Actions, Outstanding Charges, Outstanding Grants, Road Schemes,...
Due to the advice of my in-laws I had a survey completed on a house in Glastonbury before appointing lawyers. I have been told that there is a flying freehold element to the property. The surveyor advised that some lenders may not grant a mortgage on such a premises.
It depends who your proposed lender is. Santander has different requirements for example to Birmingham Midshires. Should you wish to call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Glastonbury. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Glastonbury to see if the conveyancing will be more expensive.
My step-father has recommend that I appoint his conveyancing solicitors in Glastonbury. Should I use them?
There are no two ways about it the best way to select a conveyancing lawyer is to get feedback from friends or relatives who have used the firm that you are contemplating using.