My grandson is about to exchange on a house that has just been built in South Molton with a home loan from Yorkshire BS. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties involved in the transaction. 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 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 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.
What does my ID and proof of funds have anything to do with my conveyancing in South Molton? Is this really necessary?
It is indeed that case that these requests have nothing to do with conveyancing in South Molton. Nowadays you will not be able to complete any conveyancing transaction without first submitting evidence of your identity. This usually takes the form of a either your passport or driving licence as well as a bank statement. Please note that if you are providing your driving licence as evidence of ID it needs to be both the paper section as well as the photo card part, one is not acceptable without the other.
Proof of your source of money is necessary in accordance with the Money Laundering Regulations. Don’t be offended when you are asked to produce this as your conveyancing solicitor will need to have this information on record. Your South Molton conveyancing lawyer will need to see evidence of proof of funds prior to accepting any money from you into their client account and they may also ask additional questions regarding the origin of funds.
What is your number one tip for finding a conveyancing solicitor in South Molton
We would encourage you not to base your choice on the lowest South Molton conveyancing fees. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
Does a directory service exist listing Virgin Money panel solicitors in South Molton on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such directory service on the Council of Mortgage Lenders or Building Society Association sites. A small selection of lending institutions make their panel listings available on the web. If you are in need of a South Molton property lawyer on the Virgin Money please use our tool.
We have a mortgage agreed in principle with Co-operative. South Molton conveyancing lawyers have been instructed. How long does it take for Co-operative to forward the offer to the conveyancing practitioner?
There is no definitive answer here. Have Co-operative conducted the valuation? Have you advised Co-operative as to your lawyers' details and checked that your lawyers are on the Co-operative conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have been on the look out for a leasehold apartment up to £245,000 and found one round the corner in South Molton I like with amenity areas and station nearby, however it's only got 49 years on the lease. There is not much else in South Molton for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a mortgage that many years will be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
My partner has urged me to instruct his conveyancers in South Molton. Should I choose my own property lawyer?
Much as we are happy to recommend a South Molton conveyancing lawyer the ideal way to choose a conveyancing lawyer is to seek guidance from friends or relatives who have actually previously instructed the solicitor that you are contemplating using.
Why do I have to send my property lawyer with numerous items of ID before they can proceed with selling or purchasing a property in South Molton?
South Molton conveyancing practitioners are required by the Law Society, SRA, the Land Registry and current Money Laundering Regulations to record that the have verified the identity of their clients. It is also sometimes a condition of your mortgage offer. Furthermore they have to complete various forms, particularly those relating to stamp duty land tax and need to have details such as your full names, NI number and DOB.