Our son is buying a newly built flat in South Petherton with a home loan from Santander. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form 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 Santander 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 Santander 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 home in South Petherton. Conveyancing lawyers have recently been instructed on the sale but I can't locate the title documents. Will this cause complications?
Don’t worry too much. First the deeds may be kept by the lender or they could be in the possession of the lawyers who handled the purchase. Secondly in all probability the title will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing solicitors procuring up to date copy of the land registers. Most conveyancing in South Petherton relates to registered property but in the unlikely event that your property is not registered it adds to the complexity but is not insurmountable.
What is the best way to check that the solicitor conducting my conveyancing in South Petherton is on the bank’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Skipton Building Society thus spending £175.00 in another set of conveyancing bill.
Please do make the most of the search tool on this site. Pick the lender and type ‘South Petherton’ or your location and you will see numerous solicitors based in South Petherton or near you.
My lawyer has informed me that chancel insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in South Petherton?
The appropriate level of chancel indemnity insurance should be dictated by who your lender. It would differ for example between Nationwide Building Society and Barnsley Building Society. Conveyancing solicitors as opposed to members of the public take out such insurances.
I had a mortgage agreed in principle with Virgin Money. South Petherton conveyancing solicitors are selected. How long does it take for Virgin Money to issue the offer to the lawyer?
Some lenders take longer than others. Have Virgin Money done the valuation? Have you informed Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
We were going to get a DIP from Yorkshire BS this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Yorkshire BS recommend any South Petherton solicitors on the Yorkshire BS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint South Petherton solicitors independently although you'll need to choose one on the Yorkshire BS conveyancing panel. The solicitor represents both you and Yorkshire BS through the process.
Will commercial conveyancing searches reveal planned roadworks that may impact a commercial land in South Petherton?
Many commercial conveyancing solicitors in South Petherton will carry out a SiteSolutions Highways report as it reduces the time that conveyancers invest in researching accurate data on highways that impact buildings and development assets in South Petherton. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in South Petherton.
For every commercial conveyancing transaction in South Petherton it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can cause delays to South Petherton commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not carried out for domestic conveyancing in South Petherton.
How does conveyancing in South Petherton differ for newly converted properties?
Most buyers of new build residence in South Petherton contact us having been asked by the builder to sign contracts and commit to the purchase even before the residence is built. This is because builders in South Petherton tend to acquire 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 property lawyers 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 South Petherton or who has acted in the same development.