My son-in-law is about to exchange on a new build apartment in Penshaw with a mortgage from Nationwide. 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 document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Nationwide 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 Nationwide conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We are getting the release of further monies on our mortgage from Aldermore as we intend to conduct renovations to our home in Penshaw. Do we need to select a bricks and mortar Penshaw solicitor on the Aldermore conveyancing panel to handle the paperwork?
Aldermore don't usually appoint firms on their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Aldermore panel.
My wife and I are spending time looking at houses in Penshaw and I am about to put in an offer. Is it premature to have a solicitor in place? I am planning to take a mortgage with Barclays.
You should start requesting conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the selling agent. Given that you are taking out a mortgage with Barclays, make sure you remember to check that your lawyer is on the Barclays conveyancing panel.
Having digested plenty of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Penshaw solicitor - who is on the Aldermore conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Aldermore will need an independent valuation of the property. Your lawyer will not arrange this. Usually Aldermore will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your property lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Penshaw postcode. As you are getting a mortgage with Aldermore, you could contact them to see if they have a list of approved surveyors in Penshaw.
four months have gone by since my purchase conveyancing in Penshaw completed. I have checked the Land Registry site which shows that I paid £150,000 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.
How does conveyancing in Penshaw differ for new build properties?
Most buyers of new build or newly converted property in Penshaw come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is constructed. This is because developers in Penshaw usually acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Penshaw or who has acted in the same development.
I am looking for a ground for flat up to £305k and identified one round the corner in Penshaw I like with a park and transport links in the vicinity, however it only has 49 years unexpired on the lease. There is not much else in Penshaw for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a mortgage that many years will likely be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
How straightforward is it to use your search app to locate a conveyancing lawyer in Penshaw on the panel for my lender?
First choose a bank such as Accord Mortgages Ltd, Chelsea Building Society or Godiva Mortgages Ltd then type in your preferred area for example Penshaw. Conveyancing practices in Penshaw and across England and Wales will then be identified.