My son is about to exchange on a newly built flat in Linton with a home loan from HSBC. His lawyer has said that there is a delay in receiving 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 purchase. Therefore, it will be provided to your son’s lawyer who should be on the HSBC 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 HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Will lawyers ask for an advanced payment for conveyancing in Linton?
Where you are retaining lawyers for conveyancing in Linton your solicitor will request that you put them with funds to cover the the cost of the conveyancing searches. Generally this is needed to cover the fees of the conveyancing searches. When the down payment is payable against the purchase price then this should be asked for immediately in advance of exchange of contracts. The final balance that is due will be payable shortly before completion.
The Linton conveyancing solicitors that I appointed last week on my purchase in Linton have without warning shut down. I chose them because I needed a firm on the Nationwide conveyancing panel and my previous Linton lawyer was not. I paid them 275 plus VAT in advance. What should be my next steps?
Assuming that you have an Estate Agent in the equation then inform them straight away so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Nationwide conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to assist.
I'm purchasing a new build house in Linton with a mortgage from Chelsea Building Society. The developers refused to move on the price so I negotiated five thousand pounds worth of additionals instead. The house builders rep suggested that I not reveal to my conveyancer about this extras as it will jeopardize my mortgage with the lender. Is this normal?.
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.
I have been sourcing a conveyancing solicitor in Linton for my house move. Is there any facility to see a firm’s record with the profession’s regulator?
One may find published Solicitor Regulator Association (SRA) decisions arising from inquisitions started on or after 1 January 2008. Go to Check a solicitor's record. For records Pre 2008, or to check a solicitors record, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, dial +44 (0)121 329 6800. The SRA may monitor telephone calls for training reasons.
I have just become aware that one of the directors of the law firm handling the purchase conveyancing in Linton is is the sister of the seller. Is this allowed?
Provided no conflict arises this is permitted. Where you are needing a mortgage then the mortgage company may have a say as many banks have specific instructions on this. For example for HSBC as of 17/2/2025, the requirements read as follows :