Our grandson is purchasing a new build apartment in Penrhyn Bay with a home loan from Skipton. 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 involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Skipton 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 Skipton 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 Penrhyn Bay is up for sale and I have a buyer. Will my conveyancing practitioner need to be on the Virgin Money conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Virgin Money 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 the sole beneficiary of my late mum's estate with all property in now in my sole name, including the house in Penrhyn Bay. The Penrhyn Bay property was put into my name in May. I plan to dispose of the property. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my property ownership could be treated the same way as though I had purchased the house in May. Is the property unsalable for six months?
The CML handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. Some mortgage companies would take a sensible view as this obligation primarily exists to capture subsales or the flipping of property.
I was told four weeks ago that my mortgage has been agreed to by Bank of Ireland. Is it usual for Bank of Ireland to only issue the offer once my solicitor in Penrhyn Bay is approved on their conveyancing panel? Bank of Ireland have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Bank of Ireland to deal with your lawyer's application to be on the Bank of Ireland conveyancing panel. There's no guarantee that your solicitor will be accepted.
After what feels like an age I have had an offer on a flat in Penrhyn Bay accepted, the vendors do nevertheless have a connected purchase. The sellers have placed an offer on on an apartment, but it’s not yet agreed to, and are looking at other apartments booked. I have instructed a local conveyancing solicitor in Penrhyn Bay. What should be my next step? At what stage should I apply for the mortgage with Santander?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to incur costs prematurely (mortgage application is approx £1k, then survey, Penrhyn Bay conveyancing search fees, etc). First, you should check that your solicitor is on the Santander approved list. As to the next stages this very much dictated by the specifics of your transaction, motivation for this property and on the state of the market. During a buoyant market some home buyers will apply for the mortgage with Santander and arrange for the valuation and only if it comes back ok would they request their property lawyer to press on with searches.
My father-in-law has suggested that I instruct his conveyancing solicitors in Penrhyn Bay. Do I follow his guidance?
Much as we are happy to recommend a Penrhyn Bay conveyancing lawyer the ideal way to choose a conveyancing lawyer is to have recommendations from friends or family who have used the solicitor that you are considering.
I have just started marketing my 2 bed flat in Penrhyn Bay. Conveyancing has not commenced, however I have just had a yearly service charge invoice – Do I pay up?
The sensible thing to do is pay the service charge as usual because all ground rent and maintenance charges should be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Penrhyn Bay Conveyancing for Leasehold Flats - Sample of Questions you should ask before buying
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You should be aware if it is fewer than 80 years it will have adverse implications on the value of the apartment. It is worth checking with your mortgage company that they are happy with residual term of the lease. Leases with fewer than 80 years remaining means that you will probably require a lease extension sooner rather than later and you need to have some idea of how much this will be. For most Penrhyn Baylease extensions you would need to own the property for 24 months in order to be legally able to exercise a lease extension. How much is the maintenance charge and ground rent on the apartment?
What is the reason for new build conveyancing in Penrhyn Bay being more expensive?
Conveyancing in Penrhyn Bay for recently converted or new build premises often involve adoption of highways & drains, building regulations approval, planning permission, new build warranties such NHBC as well as further queries and contractual considerations.