Our son is buying a house that has just been built in Lifton with a mortgage from Coventry BS. His lawyer 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 form is intended to provide information to the main parties involved in the purchase. 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 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 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 am being advised by my conveyancer that lack of building regulations insurance is necessary on my purchase. What is the level of cover for Lifton conveyancing?
The appropriate level of lack of building regulations indemnity insurance depends on who your lender is. It would differ for example between Nationwide Building Society and Barnsley Building Society. Conveyancing practitioners as opposed to borrowers take out such policies.
I have paid off my mortgage with Nationwide. I assume I don't need a Lifton property lawyer on the Nationwide panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Nationwide mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Nationwide mortgage from the register. Nationwide, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Nationwide has sent the Land Registry the discharge electronically, and
- Nationwide has instructed the Land Registry to do so
Intending to buy a apartment in Lifton. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Bank of Ireland conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Lifton property lawyer is on the Bank of Ireland conveyancing panel.
The estate agent has sent us the confirmation of our purchase of a new build flat in Lifton. 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 legal work.
Set out below are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Lifton
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply a car parking plan. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore.
Due to the guidance of my in-laws I had a survey completed on a house in Lifton before instructing solicitors. I have been informed that there is a flying freehold element to the house. The surveyor advised that some mortgage companies may refuse to give a mortgage on such a home.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Halifax. Should you wish to telephone us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Lifton. Conveyancing will be smoother if you use a solicitor in Lifton especially if they are acquainted with such properties in Lifton.
Is it possible to swap solicitor as I have to retain one who is on the Virgin Money conveyancing list. I had appointed a local conveyancing solicitor in Lifton five minutes from me but the firm is not accepted by Virgin Money
It would be our pleasure to help you select a conveyancing solicitor in Lifton on the Virgin Money panel. Please note that the solicitors that we on the directory do not pay us commission if you instruct them and are fully regulated by the Solicitors Regulation Authority who regulate all conveyancing solicitors in Lifton. In utilising the find a conveyancing solicitor tool on this page, you can contrast fees for conveyancing solicitors in Lifton and beyond.
Should I stop the direct debit for my mortgage with Virgin Money as soon as a completion date for my home sale in Lifton has been agreed?
No, you must continue meeting any mortgage payments to Virgin Money until the mortgage is repaid out of the proceeds of sale as part of your Lifton conveyancing.