Our grandson is purchasing a house that has just been built in Gwynedd with a home loan from Santander. 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 purchase. Therefore, it will be provided to your son’s lawyer who should be on the Santander 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 Santander conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Why do I have to pay up front when it comes to conveyancing in Gwynedd?
Where you are retaining lawyers for conveyancing in Gwynedd your solicitor will ask you put them with funds to cover the search fees. Generally this is needed to cover the fees of the conveyancing searches. If any down payment is payable against the total price then this should be asked for immediately in advance of exchange of contracts. The closing balance that is needed should be transferred a couple of days ahead of the day of completion.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Gwynedd. My lender is Chelsea Building Society
Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 25/12/2024, the requirements read as follows :
I used Wolstenholmes several years ago for my conveyancing in Gwynedd. I now require my file however the law firm has closed. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Gwynedd of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I have been on the look out for a flat up to £235,500 and found one round the corner in Gwynedd I like with open areas and transport links nearby, the downside is that it's only got 61 remaining years left on the lease. There is not much else in Gwynedd suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a mortgage the shortness of the lease may be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this.
Should I be concerned by 3rd parties that I am dealing with are suggesting an online conveyancing firm as opposed to a High Street Gwynedd conveyancing practice?
As with lots of service providers, often suggestions from family and friends can be most helpful. But there are many players in a conveyancing matter; estate agents, financial adviser and lenders might all put forward conveyancers to retain. On occasion these solicitors might be known to one of the organisations as being good in their field, but sometimes there might be a commercial relationship behind the recommendation. You have the discretion to appoint your own lawyer. However, bear in mind that some banks have an approved list of law firms you are obliged to use for the lender aspect of your transaction.