Our son is about to exchange on a new build apartment in Montgomery with a home loan from Barclays. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Barclays 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 Barclays conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We are getting a further advance on our mortgage from Skipton as we want to carry out improvements to our home in Montgomery. Do we need to select a bricks and mortar Montgomery solicitor on the Skipton conveyancing panel to deal with the paperwork?
Skipton do not ordinarily require firms on their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Skipton list.
I am currently in the process of buying my council flat in Montgomery. I have a mortgage offer with Virgin Money. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Virgin Money, you will need to appoint a solicitor on the Virgin Money conveyancing panel.
I currently have a mortgage with Bank of Ireland for my property in Montgomery. Conveyancing was finalised 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 Bank of Ireland?
Bank of Ireland must be informed of your intention prior to renting your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. In many cases banks or building societies will permit you to let 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 Bank of Ireland directly. It should not be necessary to do this via a Bank of Ireland conveyancing panel lawyer.
I have todaybecome aware that Action Conveyancing have been shut down. They carried out my conveyancing in Montgomery for a purchase of a freehold house 9 months ago. How can I check that the property is registered correctly in the name of the former proprietor?
The easiest way to check if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Montgomery conveyancing specialists.
How does conveyancing in Montgomery differ for new build properties?
Most buyers of new build or newly converted property in Montgomery approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is finished. This is because new home sellers in Montgomery usually buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Montgomery or who has acted in the same development.
I am looking for a leasehold apartment up to £305k and found one near me in Montgomery I like with open areas and station nearby, however it only has 49 years unexpired on the lease. There is not much else in Montgomery for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you require a mortgage that many years will be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
I have been recommended by a number of estate agents in Montgomery to choose a property lawyer on your site. Is there a financial incentive for Estate Agents to offer your site ahead of a competitor’s?
We refuse to offer any commission for sending work in our direction. We thought it would be too underhand a fee because home movers will think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.