Our god-son is buying a newly built flat in Greystones with a mortgage from UBS. His conveyancer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
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 UBS 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 UBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I have been told that property searches are the number one reason for delay in Greystones conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of hindrances in the conveyancing process. Searches are not likely to be the root cause of holding up conveyancing in Greystones.
I am purchasing a new build house in Greystones with a mortgage from The Royal Bank of Scotland. The sellers refused to move on the price so I negotiated 6k of additionals instead. The sale representative advised me not reveal to my conveyancer about this extras as it may affect my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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 opted to have a survey done on a house in Greystones ahead of retaining conveyancers. I have been advised that there is a flying freehold aspect to the house. My surveyor has said that some mortgage companies will refuse to issue a loan on this type of home.
It varies from the lender to lender. HSBC has different instructions for example to Birmingham Midshires. If you contact us we can look into this further with 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 Greystones. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Greystones to see if the conveyancing costs will increase in light of this.
We're FTB’s - agreed a price, but the property agent told us that the seller will only proceed if we use their preferred solicitors as they need an ‘expedited deal’. We would rather use a family solicitor who is familiar with conveyancing in Greystones
We suspect that the owner is not behind this requirement. Should the seller desire ‘a quick sale', taking such a hostile approach to a genuine buyer is going to damage their objectives. Bypass the agents and go straight to the owners and make sure they comprehend that (a)you are genuine buyers (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)however you intend to use your preferred Greystones conveyancing firm - as opposed tothose that will provide the estate agent a commission or hit his conveyancing targets demanded by senior management.
At long last our conveyancing in Greystones completes next Friday, however the sellers I am purchasing from has asked to vacate 24 hours later at midday. Can I agree to such a plan?
If you require a mortgage then your property lawyer will demand that the property isvacant on Friday - the mortgage company will insist on it.