My nephew is buying a house that has just been built in Westbury with a home loan from Lloyds. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Lloyds 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 Lloyds 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 bought my home in Westbury. Conveyancing solicitors have recently been appointed on the sale but I can't find the deeds. Is this a problem?
Don’t worry too much. Firstly there is a possibility that the deeds will be kept by your lender or they may be archived with the lawyers who handled your purchase. Secondly the chances are that the title will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors acquiring current official copies of the land registers. Nearly all conveyancing in Westbury relates to registered property but in the unlikely event that your home is not registered it is more of a problem but is resolvable.
We're in Westbury, First time buyers purchasing with a mortgage (lender is Lloyds , and our solicitor is on the Lloyds conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Lloyds conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I'm buying a new build house in Westbury with a mortgage from Bank of Scotland. The sellers refused to move on the price so I negotiated 6k of additionals instead. The sale representative suggested that I not to tell my solicitor about this deal as it may affect my loan with Bank of Scotland. Should I keep quiet?.
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.
Completion is due on the sale of our £175,000 maisonette in Westbury on Wednesday in a week. The freeholder has quoted £360 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Westbury?
For the majority of leasehold sales in Westbury conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Completing pre-contract enquiries
Where consent is required before sale in Westbury
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I invested in buying a leasehold flat in Westbury, conveyancing was carried out 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Westbury with a long lease are worth £260,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease expires on 21st October 2099
You have 74 years unexpired we estimate the price of your lease extension to range between £8,600 and £9,800 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.
Do lenders provide you with an approved list of Westbury solicitors? How do you know who is on the lender conveyancing panel?
Westbury firms and firms carrying out conveyancing in Westbury themselves provide us confirmation that they are on the bank conveyancing panel as opposed to being supplied with a list from the bank directly.