My grandson is buying a house that has just been built in North Hykeham with a mortgage from Kent Reliance. His lawyer 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 involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Kent Reliance 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 Kent Reliance conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
What can a local search inform me regarding the property my wife and I buying in North Hykeham?
North Hykeham conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search organisations for example Xpress Legal The local search is essential in every North Hykeham conveyancing purchase; that is if you wish to avoid any unpleasant once you have moved into your property. The search will provide data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.
three months have gone by since my purchase conveyancing in North Hykeham concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying my first flat in North Hykeham with a loan from TSB. The builders would not budge the price so I negotiated £7000 of fixtures and fittings instead. The sale representative advised me not reveal to my lawyer about the deal as it could put at risk my loan with TSB. 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 house I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. North Hykeham is where the house is located. Is there any guidance you can give?
Flying freeholds in North Hykeham are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in North Hykeham you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in North Hykeham may determine 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 premises.
Is it possible to transfer to a new conveyancer as I have to select a firm on the Santander conveyancing list. I was using a local conveyancing solicitor in North Hykeham round the corner but he is not accepted by Santander
We will our best to assist in finding you a conveyancing solicitor in North Hykeham on the Santander panel. Please note that the law firms that we work with do not pay us commission if you instruct them and are authorised and regulated by the SRA who regulate all conveyancing solicitors in North Hykeham. In making use of the find a conveyancing solicitor tool on this page, you can compare costs for conveyancing solicitors in North Hykeham and throughout England and Wales.