Our son is buying a newly built flat in High Peak with a mortgage from Kent Reliance. 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 involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Kent Reliance 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 Kent Reliance 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 for conveyancing in High Peak?
If you are buying a property in High Peak your lawyer will request that you place them with funds to cover the the cost of the conveyancing searches. Generally this is asked for to cover the fees of the conveyancing searches. When the deposit is payable against the sale price then this will be required shortly in advance of contracts are exchanged. The closing balance that is due will be payable a couple of days ahead of the completion date.
I note that there are debates on Chancel Insurance on online forums. Am I compelled to have this when acquiring a property in High Peak? or I am told that there is historic law that could mean that owners of property living in a parish church boundary may be liable to pay for maintenance towards the chancel in proximity to the church. Is this appropriate for conveyancing in High Peak?
Unless a prior purchase of the property completed post 12 October 2013 you could assume that solicitors conducting conveyancing in High Peak to remain encouraging a chancel search and or chancel repair liability insurance.
Are there restrictive covenants that are commonly identified during conveyancing in High Peak?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in High Peak. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm buying a new build house in High Peak benefiting from help to buy. The developers refused to move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not inform my lawyer about this side-deal as it could impact my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a simple, no chain conveyancing. High Peak is the location of the property. Is there any guidance you can impart?
Flying freeholds in High Peak are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside High Peak you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in High Peak may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.