My son-in-law is about to exchange on a new build apartment in Highams Park with a mortgage from Coventry BS. His solicitor has said that there is 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 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 Coventry BS 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 Coventry BS 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 recommended a conveyancing solicitor in Highams Park. I I am struggling to find out whether they are on the Coventry Building Society conveyancing panel. Could you or the lender confirm if they are on the panel?
The first thing to do is e-mail the solicitor and ask them whether they are on the lender panel. Alternatively you should get in touch with Coventry Building Society who may be able to help.
My colleague recommended that if I am purchasing in Highams Park I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes quoted for as part of the standard Highams Park conveyancing searches. It is not a small document of more than thirty pages, listing and setting out important information about Highams Park around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Highams Park Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Highams Park Education with maps and statistics, Local Amenities and other useful data regarding Highams Park.
Me and my brother own a terraced Victorian property in Highams Park. Conveyancing practitioner acted for me and Clydesdale. I did a free Land Registry search last week and there are two entries: one for freehold, another for leasehold under the exact same property. If a house is not a freehold shouldn't I have been informed?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Highams Park and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with your conveyancing practitioner who conducted the work.
I'm buying a new build house in Highams Park with the aid of help to buy. The sellers refused to move on the amount so I negotiated 6k of extras instead. The sale representative told me not inform my solicitor about the deal as it would jeopardize my loan with the bank. Do I keep my lawyer in the dark?.
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.
Do online conveyancing organisations undertake everything a local Highams Park solicitor does or must I use a solicitor for the final stages for my conveyancing in Highams Park?
Where you use an online conveyancer they should cover all the things your Highams Park conveyancer will cover.