Our son-in-law is about to exchange on a newly built flat in Tavistock with a mortgage from RBS. His solicitor has said that there is 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 transaction. Therefore, it will be provided to your son’s lawyer who should be on the RBS conveyancing panel as a standard part of the process, and to the valuer 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 RBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do I need to visit the offices of the solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Tavistock so that I can attend their offices if necessary.
As opposed to 12 years ago, most banks no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID documents and there are still manifest benefits to using a local solicitor, in your situation a conveyancing solicitor in Tavistock.
It has been four months following my purchase conveyancing in Tavistock completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Tavistock differ for newly converted properties?
Most buyers of new build residence in Tavistock come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Tavistock tend to purchase 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 Tavistock or who has acted in the same development.
I decided to have a survey carried out on a property in Tavistock ahead of instructing lawyers. I have been told that there is a flying freehold aspect to the house. Our surveyor has said that some mortgage companies tend not give a loan on this type of property.
It depends who your proposed lender is. Lloyds has different requirements from Halifax. Should you wish to telephone us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Tavistock. Conveyancing may be slightly more expensive based on your lender's requirements.
How do I use the search facility to select a conveyancing solicitor in Tavistock on the approved list for my bank?
First choose a lender such as National Westminster Bank, Leeds Building Society or Platform Home Loans Ltd then type in your location e.g. Tavistock. Conveyancing firms in Tavistock and further afield will then be identified.