My son-in-law is purchasing a newly built flat in Newmarket with a home loan from Principality. His conveyancer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form 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.
In what way does my ID and proof of funds have anything to do with my conveyancing in Newmarket? Why is this being asked of me?
Newmarket conveyancing solicitors as well as nationwide property lawyers throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and proof of address (typically a Utility Bill less than 3 months old).
Confirmation of the origin of monies is also required under the money laundering laws as solicitors are required to check that the money you are utilising to purchase a property (whether it be the deposit for exchange or the full purchase amount if you are a cash purchaser) has originated from an acceptable source (such as employment savings) rather than the product of illegitimate behaviour.
I am in the process of mortgaging my property in Newmarket, does my lawyer need to be on the HSBC Solicitor panel?
In theory, you could use a solicitor that is not on the HSBC conveyancing panel, but HSBC would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
We are planning to move property in January. Will my conveyancing solicitor call the removal company on the day of completion. On a separate note, can you recommend a removal company in Newmarket. Conveyancing firm was organised prior to coming across your site.
On the afternoon of completion you can pick up the keys from the estate agent but this can only take place once the sellers lawyers confirm to the agent that they acknowledge receipt of the completion payment and the keys can be passed over. You should tell the removal company that they can start moving you in. As a matter of policy we do not recommend a particular removal organisation but can assist you in locating a conveyancing in Newmarket or a solicitor that specialises in conveyancing in Newmarket.
Can I be sure that the Newmarket conveyancing solicitor on the UBS panel is any good?
When it comes to conveyancing in Newmarket obtaining recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always suggest that you speak with the lawyer carrying out your conveyancing.
Intending to buy a maisonette in Newmarket. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Clydesdale conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Newmarket conveyancing practitioner is on the Clydesdale conveyancing panel.
I'm buying my first flat in Newmarket with a mortgage from Halifax. The developers would not reduce the amount so I negotiated 6k of fixtures and fittings instead. The property agent told me not reveal to my conveyancer about this side-deal as it will affect my mortgage with Halifax. 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.
What advice can you give us when it comes to appointing a Newmarket conveyancing practice to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Newmarket conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Newmarket conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be of use:
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How familiar is the firm with lease extension legislation? Can they put you in touch with clients in Newmarket who can give a testimonial?
Leasehold Conveyancing in Newmarket - Examples of Queries Prior to buying
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Plenty Newmarket leasehold flats will be liable to pay a service charge for maintenance of the block levied by the landlord. Should you buy the flat you will have to meet this liability, usually quarterly accross the year. This may differ from two or three hundred pounds to thousands of pounds for buildings with lifts and large communal areas. There will also be a ground rent to be met annual, this is usually not a significant sum, say about £25-£75 but you should to check it because occasionally it can be surprisingly expensive. Be sure to investigate if the the lease contains any unreasonable restrictions in the lease. For example some leases prohibit pets being permitted in in a block in Newmarket. If you like the flatin Newmarket but your cat is not allowed to move with you then you will be presented with a hard choice. What is the length of the lease?