Our son-in-law is purchasing a new build apartment in Shefford with a mortgage from Yorkshire BS. His solicitor has advised him of a delay in completing 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 purchase. Therefore, it will be provided to your son’s lawyer who should be on the Yorkshire BS conveyancing panel as a standard part of the process, and to the surveyor 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 Yorkshire BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
In what way does my ID and proof of funds have anything to do with my conveyancing in Shefford? Is this really warranted?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to check the identity of the person or body they are dealing with prior to agreeing to accepting their conveyancing instruction. The Terms and Conditions that you need to sign should confirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Should you are unwilling to hand over identification documents, your conveyancer would not be able to accept instructions from you.
What does a local search reveal about the property my wife and I purchasing in Shefford?
Shefford conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search company for example Searchflow The local search is essential in every Shefford conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your new home. The search will supply data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.
Just acquired a detached house in Shefford , What is the estimated time for the Land Registry to record my ownership? My Shefford conveyancing solicitor has been very slow, so I want to be sure the land registry aspects are addressed.
As far as conveyancing in Shefford is concerned, registration is no faster or slower than the rest of the country. As opposed to being determined by geographic area, timescales can adjust depending on who lodges the application, whether there are errors and whether the Land registry must send notices to any third persons or bodies. As of today in the region of 80% of submission are fully dealt with in less than three weeks but some can be subject to extensive hold-ups. Registration occurs once the buyer has moved in to the premises therefore 'speed' is not typically primary concern but if it is urgent that the the registration takes place urgently then you or your lawyers should communicate with the Registry to express the reasoning for the application to be prioritised.
I'm buying my first flat in Shefford with a mortgage from Bank of Scotland. The builders refused to reduce the price so I negotiated 6k of extras instead. The property agent suggested that I not inform my lawyer about this deal as it may affect my mortgage with Bank of Scotland. Is this normal?.
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 was recommended by three or four local selling agents in Shefford to get a quote from a solicitor on your site. What’s the financial upside for Estate Agents to market your services over a competitor’s?
We refuse to make any commission for sending work in our direction. We found it would be just too difficult a fee as a client could think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.