My grandson is buying a newly built flat in Polesworth with a home loan from Nationwide. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 asked. 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.
It is a dozen years since I purchased my house in Polesworth. Conveyancing solicitors have recently been appointed on the sale but I am unable to locate the title documents. Will this cause complications?
You need not be too concerned. Firstly the deeds may be retained by your mortgage company or they may be archived with the solicitor who acted in the purchase. Secondly in most cases the land will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors acquiring current official copies of the land registers. Almost all conveyancing in Polesworth involves registered property but in the unlikely event that your property is not registered it is more of a problem but is not insurmountable.
The deeds to my home can not be found. The solicitors who handled the conveyancing in Polesworth 5 years ago are no longer around. Will I be able to sell the house?
You no longer need to have the physical official documentation to prove you own the land or premises, given that the Land Registry hold details of all registered land or property electronically.
I'm buying my first flat in Polesworth with a loan from Britannia. The builders refused to reduce the price so I negotiated £7000 of fixtures and fittings instead. The property agent suggested that I not disclose to my solicitor about the extras as it will jeopardize my loan with the lender. Is this normal?.
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.
Due to the advice of my in-laws I had a survey completed on a house in Polesworth prior to retaining solicitors. I have been informed that there is a flying freehold aspect to the house. The surveyor has said that some lenders tend refuse to issue a loan on this type of home.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Nationwide. Should you wish to call us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Polesworth. Conveyancing may be slightly more expensive based on your lender's requirements.
My conveyancers in Polesworth have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with the bank. Is it case that being on the lender conveyancing panel they need to have retained the file for a prescribed period?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the mortgage company Conveyancing Panel Terms. It might be worth you contacting the bank directly.