My nephew is buying a newly built flat in Ludlow with a home loan from Principality. His solicitor has said that there is 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 Principality 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 Principality conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
A friend informed me that in purchasing a property in Ludlow there could be various restrictions limiting what one can do in terms of external changes to a property. Is this right?
There are anumerous of properties in Ludlow which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Ludlow should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We had chosen solicitors locally in Ludlow on the Bank of Ireland solicitor panel. They are now charging me a further charge for handling the Bank of Ireland mortgage. Is this a supplemental conveyancing fee specified by Bank of Ireland?
Unfortunately, so long as it is in their Terms of Engagement or estimate then yes your property lawyer may levy a fee for this. This charge is not dictated by Bank of Ireland but by your Ludlow lawyer. Plenty of firms on the Bank of Ireland panel will charge an ‘acting for lender’ fee but plenty of practices include it on their overall fee.
I am selling my flat. I had a double glazing fitted in June 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Yorkshire BS are being a right pain. The Ludlow solicitor who is on the Yorkshire BS conveyancing panel is saying indemnity insurance will be fine but Yorkshire BS are requiring a building regulation certificate. Why do Yorkshire BS have a conveyancing panel if they don't accept advice from them?
It is probably the case that Yorkshire BS have referred the matter to their valuer. The reason why Yorkshire BS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
We are purchasing a property and the conveyancer has mentioned Chancel Repair to which the house could be obligated to pay because it falls into the area of such a church. He has suggested insurance. Is this really warranted for conveyancing in Ludlow
Unless a previous purchase of the premises completed after 12 October 2013 you could take it that solicitors carrying out conveyancing in Ludlow to remain encouraging a chancel search and or chancel repair liability insurance.
I'm buying a new build house in Ludlow benefiting from help to buy. The sellers would not reduce the price so I negotiated £7000 of fixtures and fittings instead. The property agent told me not reveal to my lawyer about the extras as it may adversely affect 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'm remortgaging my current home to a buy to let loan with The Royal Bank of Scotland and I will use the rest of the raised equity as a deposit on a second property. The neighborhood we are interested in is Ludlow. Will your lawyers be able to act for the two lenders and link together the conveyances?
Make use of our comparison tool on this site to check that the lawyers are on the relevant lender panels. Having checked that they are your solicitor should be able to simultaneously deal with the two conveyancing matters but you should talk with you solicitor and make apparent your expectations and needs.
My partner and I are purchasing a studio flat in Ludlow. At the point of instructing our lawyer, they said that they were on all major UK lender panels. The financial adviser contacted us today to advise that they are not on the HSBC approved list. Were it to be true, what should we do? Do we just pick a different conveyancing practitioner that is on their panel or do we pay for separate representation, with HSBC appointing their own preferred property lawyer.
When acquiring a property with mortgage finance it is conventional for the buyer’s solicitors to also represent the mortgage company. In order to act for a bank or building society a solicitor has to be on that lender's list of approved lawyers. An application has to be made by the property lawyer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the property lawyer has to satisfy. Some banks now insist their panel firms to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should call HSBC to discover if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on HSBC's conveyancing panel as you are at liberty to use your preferred Ludlow lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.