Our god-son is purchasing a house that has just been built in Ham with a mortgage from Principality. His lawyer has advised him of 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 engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Principality conveyancing panel as a standard part of the process, and to the valuer 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 Principality conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
When it comes to lenders such as Co-operative, do Ham solicitors incur a fee to be on the conveyancing panel?
We are unaware of any mortgage company fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
Virgin Money have agreed my mortgage in principle, my offer on a property in Ham has been accepted, what are the next steps?
The estate agent will want to be informed of your conveyancing practitioner's details (ensure that the property lawyers are on the lender’s approved list). Telephone Virgin Money or your financial adviser and finalise any appropriate forms. Virgin Money will appoint a valuer who will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes approximately ten days to get a mortgage offer. Virgin Money will issue the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Ham.
Our sealed bid on a detached house in Ham has been agreed to, but there is a chain. The sellers have placed an offer on a property, however it’s not yet agreed to, and have viewings of other flats booked. I have instructed a bricks and mortar conveyancing solicitor in Ham. What do I do now? When should I get the mortgage application with Skipton started?
It is usual to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx £1k, then survey, Ham conveyancing search fees, etc). The first thing to do is ensure that your lawyer is on the Skipton approved list. Concerning the next phase this very much depends on the specifics of your transaction, motivation for the property and on the state of the market. During a buoyant market some buyers will apply for a home loan with Skipton and arrange for the valuation and only if it comes back ok would they ask their lawyer to press on with the conveyancing in Ham.
five months have gone by since my purchase conveyancing in Ham completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the guidance of my in-laws I had a survey completed on a property in Ham in advance of instructing conveyancers. I have been told that there is a flying freehold aspect to the property. The surveyor advised that some lenders will not issue a loan on this type of property.
It depends who your proposed lender is. HSBC has different instructions from Nationwide. Should you wish to call us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Ham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Ham to see if the conveyancing costs will increase in light of this.
I'm refinancing my existing house to a BTL loan with National Westminster Bank and I will use the ballance of the raised equity as a down payment on another house. The location we are looking at is Ham. Will your solicitors be able to act for both sets of lenders and tie in the two deals?
Do use our search tool on this page to be sure that the lawyers are approved by both lenders. Assuming that they are the conveyancer should be able to connect the two transactions but you should talk with you conveyancer and specify your desired outcome and requirements.
I've found a house that appears to meet my requirements, at a great price which is making it all the more appealing. I have just found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Ham. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
The majority of houses in Ham are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Ham so you should seriously consider looking for a Ham conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your solicitor will report to you on the legal implications.