Our son is purchasing a new build apartment in Rothley with a mortgage from Lloyds. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
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 Lloyds 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 Lloyds conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I have a decision in principle. The bank mentioned the mortgage came with free conveyancing. Is the implication that I have to appoint their panel solicitor as I would prefer to appoint a local conveyancing solicitor in Rothley?
You should check but the chances are that allocate you one of their panel lawyers where you take up the "fee-free" incentive. Contact the lender and determine if they allow a monetary alternative. Some mortgage companies have previously offered a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor near Rothley.
How does conveyancing in Rothley differ for new build properties?
Most buyers of new build or newly converted property in Rothley approach us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is completed. This is because house builders in Rothley tend to purchase the land, 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 Rothley or who has acted in the same development.
I have been on the look out for a flat up to £195,000 and found one near me in Rothley I like with open areas and transport links in the vicinity, the downside is that it only has 49 years unexpired on the lease. There is not much else in Rothley for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan the shortness of the lease will likely be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
I'm refinancing my current property to a buy to let mortgage with Coventry Building Society and intend to use the remaining equity towards further property. The neighborhood we are looking at is Rothley. Will your conveyancers be able to act for the two banks and link together the transactions?
Do use our comparison tool on this page to be sure that the lawyers are on the appropriate lender panels. Having checked that they are your solicitor should be able to simultaneously deal with the two conveyancing matters but you should talk with you conveyancer and specify your expectations and requirements.
A couple of months ago I was informed by my bank that their panel lawyers work on no sale no charge basis for conveyancing in Rothley. My purchase fell through yet the solicitors have requested search fees! They say the fees are independent!
Rothley conveyancing search costs are separate expenses not solicitors fees as these are payable to a third party.