Our grandson is in the process of securing a new build apartment in Llanwrtyd Wells with a home loan from Virgin Money. His solicitor has advised him of a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form 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 Virgin Money 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 Virgin Money 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 a mortgage with Principality for my property in Llanwrtyd Wells. Conveyancing has been completed 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Principality?
Principality must be informed of your intention prior to renting your property as this is likely to be a breach of Principality’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Principality directly. It should not be necessary to do this via a Principality conveyancing panel solicitor.
I recently had an offer agreed on an apartment in Llanwrtyd Wells. My financial adviser recommended their conveyancers. I paid an on account payment of £225. A couple of days later, the lawyer contacted me embarrassingly acknowledging that they were not on the Principality conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Principality panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Nottingham have agreed my mortgage in principle, my offer on a property in Llanwrtyd Wells has been accepted, what are the next steps?
Your property agent will want to know who your solicitors are (be sure the conveyancing practitioners are on the lender’s panel). Telephone Nottingham or your financial adviser and finalise any appropriate forms. Nottingham will appoint a valuer who will get in touch with the selling agent or vendor to arrange a slot for the valuation to take place. Once conducted (assuming no problems) it takes approximately a fortnight for the mortgage offer to be issued. Nottingham will issue the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Llanwrtyd Wells.
I used Arc property Solicitors a few years ago for my conveyancing in Llanwrtyd Wells. Now, I need my files however the law firm is no longer operating. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Llanwrtyd Wells of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I decided to have a survey completed on a house in Llanwrtyd Wells prior to appointing solicitors. I have been advised that there is a flying freehold element to the house. My surveyor advised that some banks may refuse to give a loan on a flying freehold home.
It varies from the lender to lender. HSBC has different requirements from Birmingham Midshires. Should you wish to call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Llanwrtyd Wells. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Llanwrtyd Wells to see if the conveyancing costs will increase in light of this.
How does the Landlord & Tenant Act 1954 impact my business property in Llanwrtyd Wells and how can your lawyers assist?
The particular law that you refer to gives protection to business tenants, granting the dueness to make a request to court for a renewal tenancy and continue in occupation when the lease reaches an end. There are limited grounds that a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Llanwrtyd Wells is one of our hundreds of locations in which the firms we work with are located
My wife and I plan to buy our 1st property in Llanwrtyd Wells. Conveyancing lawyer has been instructed. The financial consultant pointed out that a survey is not needed as the property is just 20 yrs old.
At the very least you should order a Home Buyer's Report. As the residence is more than ten years old the property will be without a warranty, so you don't want to take a risk. For a property that age with no signs of defects a Home Buyer's report may be sufficient. The report should highlight any apparent issues and recommend additional investigation if appropriate. If there are any signs of material issues seek a full structural survey.