My god-son is about to exchange on a new build apartment in Heckington with a home loan from Bank of Ireland. His conveyancer 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 transaction. Therefore, it will be provided to your son’s lawyer who should be on the Bank of Ireland 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 Bank of Ireland conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Is there a reason why leasehold purchase conveyancing in Heckington costs more?
In short, leasehold conveyancing in Heckington and elsewhere usually warrants more work compared to freehold transactions. This includes checking the lease terms, communicating with the landlord concerning the service of appropriate notices, securing current service charge and management information, securing the landlord’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 – no matter how many different leaseholders have owned the lease since it was first entered into.
My home in Heckington is up for sale and I have a buyer. Does my conveyancer need to be required to be on the TSB conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the TSB conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently in recent years.
Is there a list of Lloyds panel conveyancers in Heckington on the UK Finance Lenders’ Handbook Website?
No. There is no such facility on the CML or Building Society Association sites. A small selection of lending institutions make their panel listings visible over the internet. Where you are in need of a Heckington solicitor on the Lloyds please make the most of our facility.
I am purchasing a property in Heckington. A rare aspect is that the roof has a solar panel. Santander have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Santander your lawyer must follow the conveyancing instructions set out in Part two of UK Finance Lenders’ Handbook for Santander. The CML Handbook contains minimum requirements for solar panel roof-space leases, and lawyers are required to report to Santander where a lease does not satisfy these conditions. The specifications relate to the installation of panels on properties countrywide and is not limited to Heckington.
I can not fathom if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Heckington building society branch on numerous occasions and was reassured it wasn't a problem and they will lend. My Heckington conveyancing solicitor - who is on the bank conveyancing panel- called to say that they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your solicitor has to follow the Council of Mortgage Lenders’ Handbook Part 2 requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Just had an offer accepted on a new build flat in Heckington. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Heckington
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There must be mutual enforceability of lessee’s covenants. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please confirm the Lease plans are surveyor prepared.
I'm remortgaging a apartment in Heckington. I can find my conveyancer's company on the Law Society's list, but I can't see my conveyancer's name on the list. Should I be concerned?
Not every individual in the law firm must be listed by the regulator. As long there is a manager qualified to 'oversee' the work, the actual day-to-day activity can be undertaken by unlicensed staff.