Our son-in-law is in the process of securing a new build apartment in Staindrop with a mortgage from Nationwide. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Nationwide 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 Nationwide 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 Staindrop? Is this really necessary?
It is indeed that case that these requests have nothing to do with conveyancing in Staindrop. Nowadays you will not be able to complete any conveyancing process if you have not handing over evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence and a bank statement. Remember if you are supplying your driving licence as evidence of identification it must be both the paper section as well as the photo card part, one is not sufficient in the absence of the other.
Verification of the source of monies is necessary under Money Laundering Regulations. Don’t be offended when you are asked to produce this as your lawyer will need to retain this information on record. Your Staindrop conveyancing practitioner will need to see evidence of proof of funds prior to accepting any monies from you into their client account and they will also ask further queries concerning the origin of monies.
I am the single recipient of my late mum's will with all property in now in my sole name, including the house in Staindrop. Conveyancing formalities meant that the Land Registry date was in August. I now wish to sell up. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my proprietorship will be considered the same way as though I had purchased the property in August. Do I have to wait 6 months to sell?
The CML handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. many banks would take a pragmatic view as this provision chiefly exists to pick up on the purchase and immediately sell or the quick reselling of property.
How can we know in advance if a Staindrop conveyancing solicitor on the Principality panel is any good?
When it comes to conveyancing in Staindrop getting recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always suggest that you speak with the solicitor carrying out your conveyancing.
We have a mortgage agreed in principle with Kent Reliance. Staindrop conveyancing solicitors are appointed. How long does it take for Kent Reliance to forward the offer to the lawyer?
Some lenders take longer than others. Have Kent Reliance completed the survey? Have you advised Kent Reliance as to your lawyers' details and checked that your lawyers are on the Kent Reliance conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
What will a local search tell me about the house I am purchasing in Staindrop?
Staindrop conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search company for example Searches UK The local search plays an important part in many a Staindrop conveyancing purchase; as long as you don’t want any unpleasant once you have moved into your new home. The search will reveal information on, amongst other things, details on planning applications applicable to the property (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 subject headings.
I'm buying a new build house in Staindrop with a mortgage from Bank of Scotland. The developers would not reduce the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep suggested that I not inform my conveyancer about the side-deal as it will jeopardize my loan with Bank of Scotland. Do I keep my lawyer in the dark?.
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.
Due to the input of my in-laws I had a survey completed on a house in Staindrop before appointing solicitors. I have been informed that there is a flying freehold overhang to the property. The surveyor advised that some lenders will refuse to issue a mortgage on such a house.
It varies from the lender to lender. Santander has different instructions for example to Halifax. If you e-mail us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Staindrop. Conveyancing will be smoother if you use a solicitor in Staindrop especially if they are familiar with such properties in Staindrop.