My god-son is buying a newly built flat in Sandringham with a mortgage from TSB. His lawyer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the TSB 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 TSB 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 10 years ago since I purchased my house in Sandringham. Conveyancing lawyers have now been retained on the sale but I can't track down the title deeds. Is this a major issue?
You need not be too concerned. Firstly the deeds may be kept by the mortgage company or they may be in the possession of the conveyancers who handled the purchase. Secondly the likelihood is that the land will be registered at the land registry and you will be able to establish that you own the property by your conveyancing solicitors obtaining up to date copy of the land registers. Almost all conveyancing in Sandringham involves registered property but in the rare situation where your home is not registered it adds to the complexity but is resolvable.
Do I need to pop into the offices of the solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Sandringham so that I can attend their offices if required.
Nowadays conveyancing panel lawyers for lenders conduct all of the communications through Royal Mail, e-mail or over phone calls. This enables them to carry out the conveyancing transaction regardless of where you live in England or Wales. However you should check if you have the option of going to the offices of your conveyancing lawyer if just in case this is required.
Can you point me to a directory of Yorkshire BS panel conveyancers in Sandringham on the Building Society Association’s Website?
Unfortunately not yet. There is no such directory service on the CML or Building Society Association sites. Very few banks make their panel listings open the public online. If you are looking for a Sandringham solicitor on the Yorkshire BS please use our facility.
We were going to get a DIP from Clydesdale this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Clydesdale recommend any Sandringham solicitors on the Clydesdale conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Sandringham solicitors independently although you'll need to choose one on the Clydesdale conveyancing panel. The solicitor represents both you and Clydesdale through the process.
I currently have a mortgage with Co-operative for my property in Sandringham. Conveyancing was finalised a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Co-operative?
You must advise Co-operative prior to renting your property as this is likely to be a breach of Co-operative’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Co-operative directly. You need not do this via a Co-operative conveyancing panel firm.
I am buying my first flat in Sandringham benefiting from help to buy. The builders would not budge the price so I negotiated 6k of extras instead. The estate agent advised me not disclose to my conveyancer about this extras as it will adversely affect my loan with National Westminster Bank. Should I keep quiet?.
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.
I'm converting the mortgage on my primary house to a BTL mortgage with The Mortgage Works and I will use the rest of the raised equity towards further house. The area we are talking about is Sandringham. Will your lawyers be able to act for both sets of banks and link together the two deals?
Make use of our search tool on this page to ensure that the solicitors are approved by both lenders. On the basis that they are the lawyer will be able to tie up the two deals but you should talk with you lawyer and specify your expectations and requirements.