Our son is in the process of securing a house that has just been built in Montacute with a mortgage from Principality. His solicitor has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 Principality 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 Principality conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do lenders provide you with an approved list of Montacute conveyancing solicitors? How do you know who is on the Yorkshire BS conveyancing panel?
Montacute conveyancing firms themselves provide us confirmation that they are on the Yorkshire BS conveyancing panel as opposed to being supplied with a list from Yorkshire BS directly.
My wife and I have a 4 bedroom Victorian house in Montacute. Conveyancing practitioner acted for me and TSB. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, another for leasehold under the matching property. I'd like to know for sure, how can I find out??
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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Montacute 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 question the position with your conveyancing practitioner who conducted the conveyancing.
I am buying a new build house in Montacute with the aid of help to buy. The builders would not reduce the price so I negotiated five thousand pounds worth of additionals instead. The property agent suggested that I not disclose to my solicitor about this side-deal as it will affect my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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 on the look out for a flat up to £305k and identified one close by in Montacute I like with amenity areas and transport links nearby, however it's only got 61 years unexpired on the lease. There is not much else in Montacute suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
In surfing the world wide web for the phrase conveyancing in Montacute it reveals numerous solicitorslocally. With so much choice what is the best way to find the right property lawyer for purchase transaction?
The ideal way of seeking a suitable conveyancer is through a trusted referral, so seek the opinion of friends and family who have purchased a property in Montacute or the reputable estate agent or financial adviser. Fees for conveyancing in Montacute differ, so it's sensible to request a minimum of three costs illustrations from varying types of companies. Make sure that you clarify what costs in the quote includes.