My nephew is about to exchange on a new build apartment in Stockwood with a mortgage from Leeds Building Society. His conveyancer 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 involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Leeds Building Society 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 Leeds Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We see that you have a post code search directory listing solicitors on the UBS conveyancing panel. Do companies pay you a referral fee if I appoint them for our conveyancing in Stockwood?
We are a listing service only for law firms wishing to communicate if they are on the UBS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Stockwood.
Can you help - my lawyer says that defective lease insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Stockwood?
The right level of defective lease indemnity insurance depends on who your lender is. It would differ for example between Lloyds TSB Bank and Skipton Building Society. Conveyancing practitioners as opposed to borrowers take out such policies.
I'm the single beneficiary of my late grandmother’s estate with all property in now in my sole name, including the my former home in Stockwood. Conveyancing formalities meant that the Land Registry date was in December. I want to move. I understand that there is a CML 6 month 'rule', which means that my property ownership may be treated the same way as though I had purchased the property in December. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be affected by that. Some lenders would take a practical view as this obligation chiefly exists to capture subsales or the quick reselling of properties.
Are all Stockwood Conveyancing Quality Solicitors on the Nottingham conveyancing list of approved practices?
Some major lenders now use CQS as the kick off point for Panel membership such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
I am purchasing my first flat in Stockwood with a loan from Britannia. The developers refused to reduce the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep advised me not disclose to my conveyancer about this side-deal as it may put at risk my mortgage with the lender. 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.
Due to the advice of my in-laws I had a survey completed on a property in Stockwood ahead of appointing lawyers. I have been told that there is a flying freehold element to the property. Our surveyor has said that some lenders tend not issue a mortgage on such a premises.
It depends who your proposed lender is. Lloyds has different instructions for example to Halifax. Should you wish to call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Stockwood. Conveyancing will be smoother if you use a solicitor in Stockwood especially if they are accustomed to such properties in Stockwood.
I am attracted to a couple of flats in Stockwood which have in the region of fifty years left on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease reduces and results in it becoming more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this field.
Leasehold Conveyancing in Stockwood - A selection of Queries Prior to Purchasing
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It would be sensible to discover if there are any onerous prohibitions in the lease. For instance it is fairly common in Stockwood leases that pets are not permitted in in a block in Stockwood. If you like the flatin Stockwood but your cat is not allowed to make the move with you then you will be faced difficult determination. Is there a share of the freehold?