My son is buying a newly built flat in Par with a home loan from Bank of Ireland. His lawyer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
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 Bank of Ireland 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 Bank of Ireland conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My house in Par is up for sale and I have a purchaser. Does the property lawyer need to be required to be on the HSBC conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the HSBC conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently currently.
I am purchasing a property in Par. One unusual aspect is that the roof has a solar panel. Bank of Ireland have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Bank of Ireland your lawyer must comply with the conveyancing instructions set out in Part 2 of UK Finance Lenders’ Handbook for Bank of Ireland. The CML Handbook includes minimum specifications for solar panel roof-space leases, and lawyers are required to report to Bank of Ireland where a lease does not comply with these provisions. The requirements relate to the installation of panels on properties countrywide and is not limited to Par.
I am selling my flat. I had a double glazing fitted in August 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, HSBC are being difficult. The Par solicitor who is on the HSBC conveyancing panel is recommending indemnity insurance as a solution but HSBC are insisting on a building regulation certificate. Why do HSBC have a conveyancing panel if they don't accept advice from them?
It is probably the case that HSBC have referred the matter to their valuer. The reason why HSBC may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Yorkshire BS have agreed my home loan in principle, my bid on a apartment in Par has been accepted, what happens next?
The property agent will want to be advised as to your conveyancing practitioner's details (ensure that the solicitors are on the bank’s panel). Telephone Yorkshire BS or your broker and finish off any outstanding documentation. Yorkshire BS will instruct a valuer who will get in touch with the selling agent or owners to book a slot for the valuation to take place. Once carried out (assuming no problems) it takes on average a fortnight to get a mortgage offer. Yorkshire BS will send the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Par.
I am purchasing my first flat in Par with the aid of help to buy. The builders refused to budge the amount so I negotiated five thousand pounds worth of additionals instead. The estate agent told me not disclose to my lawyer about the side-deal as it will jeopardize my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one round the corner in Par I like with open areas and transport links nearby, however it only has 61 remaining years left on the lease. There is not much else in Par for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan the shortness of the lease may be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
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