My god-son is in the process of securing a new build apartment in Saundersfoot with a home loan from Aldermore. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 Aldermore conveyancing panel as a standard part of the process, and to the surveyor 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 Aldermore conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My grandmother passed away six months ago and as sole heir and executor I was left the house in Saundersfoot. The house had a small mortgage remaining of approximately £5k. I want to have the title changed into my name whilst I re-mortgage to Virgin Money, pay off the mortgage. Is this possible?
Given you intend to refinance then Virgin Money will insist on your using a conveyancer on the Virgin Money conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Virgin Money conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Virgin Money mortgage is registered as a charge at the Land Registry.
Is it the case that all Saundersfoot conveyancing solicitors on the HSBC conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the HSBC approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. Many banks do permit licenced conveyancers on their panel in which case such organisation would be governed by the CLC.
Completion of my purchase has taken place for my property in Saundersfoot. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
All lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Team at head office. Ordinarily complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
Having digested plenty of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Saundersfoot solicitor - who is on the Skipton conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Skipton will need an independent valuation of the property. Your lawyer will not arrange this. Usually Skipton 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. You may wish to consider appointing your own Saundersfoot surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I'm purchasing a new build house in Saundersfoot with a mortgage from Lloyds TSB Bank. The developers refused to budge the amount so I negotiated five thousand pounds worth of extras instead. The estate agent told me not disclose to my conveyancer about this side-deal as it will impact 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 UK Finance website. UK Finance 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.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on a fortnight ago in what should have been a simple, chain free conveyancing. Saundersfoot is where the house is located. What do you suggest?
Flying freeholds in Saundersfoot are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Saundersfoot you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Saundersfoot may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I need to instruct a conveyancing solicitor for leasehold conveyancing in Saundersfoot. I've discover a site which seems to have the ideal offering If it is possible to get all formalities done via phone that would be ideal. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?