Our son is purchasing a new build apartment in Plumstead with a mortgage from Nationwide. His lawyer has advised him of 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 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.
Will lawyers request an advanced payment when it comes to conveyancing in Plumstead?
Where you are retaining lawyers for conveyancing in Plumstead your lawyer will ask you put them with funds to cover the the cost of the conveyancing searches. Normally this is requested to cover the fees of the Local Authority Search. When the down payment is as part of the sale price then this should be needed shortly prior to exchange of contracts. The final balance that is due should be transferred shortly before completion.
There are a variety of conveyancing solicitors in Plumstead but how do I know who I should use?
Do not opt for the lowest Plumstead conveyancing fees. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
It is unclear whether my mortgage offer requires a lease extension. I have called into my local Plumstead building society branch on various occasions and was reassured it wasn't a problem and they would lend. My Plumstead conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend based on their published requirements. I simply don't know who is right.
Provided that the property lawyer is on the mortgage company panel, they must follow the CML Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
My offer was accepted on a house in Plumstead on 6/12/2024, valuation was booked 2 days later, received a clean bill of health. Property lawyer appointed, so the only thing outstanding was my mortgage offer. Having made daily calls to UBS and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the UBS conveyancing panel. Are UBS entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for UBS to deal with your lawyer's application to be on the UBS conveyancing panel. There's no guarantee that your solicitor will be accepted.
I am purchasing a house and the conveyancer has referenced Chancel Repair for which the property could be liable given it’s proximity to the area of such a church. He has mentioned insurance. Is this strictly necessary for conveyancing in Plumstead
Unless a prior purchase of the premises took place post 12 October 2013 you can assume that lawyers delivering conveyancing in Plumstead to continue to advocate a chancel search and or insurance against a claim.
I'm purchasing a new build house in Plumstead with a loan from Aldermore. The sellers would not budge the price so I negotiated five thousand pounds worth of extras instead. The estate agent advised me not disclose to my lawyer about this deal as it could jeopardize my mortgage with the bank. 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.
I have been on the look out for a leasehold apartment up to £305k and found one close by in Plumstead I like with amenity areas and station in the vicinity, however it only has 51 remaining years left on the lease. There is not much else in Plumstead for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a home loan the shortness of the lease may be problematic. Reduce the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.