My grandson is about to exchange on a house that has just been built in Nelson with a home loan from Principality. His conveyancer 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 document 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 Principality conveyancing panel as a standard part of the process, and to the valuer 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.
My grandmother passed away six months ago and as sole heir and executor I was left the house in Nelson. The house had a relatively small loan remaining of approximately £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Clydesdale, pay off the mortgage. Is this allowed?
Where you intend to re-mortgage then Clydesdale will insist on your using a conveyancer on the Clydesdale conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Clydesdale conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Clydesdale mortgage is registered as a charge at the Land Registry.
Will my lawyer be raising questions about flooding as part of the conveyancing in Nelson.
Flooding is a growing risk for conveyancers dealing with homes in Nelson. There are those who acquire a house in Nelson, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the premises. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Lawyers are not best placed to offer advice on flood risk, however there are a numerous searches that can be initiated by the buyer or by their solicitors which should figure out the risks in Nelson. The conventional set of information sent to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the vendor to find out whether the premises has suffered from flooding. In the event that the residence has been flooded in past and is not notified by the seller, then a buyer may issue a claim for damages resulting from an inaccurate reply. A purchaser’s solicitors may also carry out an enviro report. This should higlight whether there is a recorded flood risk. If so, additional inquiries will need to be made.
I am purchasing my first flat in Nelson with a mortgage from Norwich and Peterborough Building Society. The developers would not reduce the price so I negotiated 6k of additionals instead. The house builders rep advised me not disclose to my lawyer about this side-deal as it could adversely affect my loan with the lender. Is this normal?.
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.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a quick, chain free conveyancing. Nelson is the location of the property. Can you shed any light on this issue?
Flying freeholds in Nelson are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Nelson you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Nelson may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
We are one month into a leasehold purchase having been directed to a firm by the estate agent to carry out the conveyancing in Nelson. I am am starting to be frustrated with the quality of service. Could you you assist me in finding new lawyers?
They would have to be really poor to suggest changing them. Has your mortgage offer been issued? In the event that it has you will need to inform them of the new solicitor and have the offer are issued to the new lawyers. Your solicitor ideally needs to be on the mortgage company approved list to avoid added fees and complications. So that should be your first question of the new conveyancers. Our search tool will help you find a bank approved solicitor for your conveyancing in Nelson