My nephew is buying a newly built flat in Wilmslow with a mortgage from Principality. 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 involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Principality 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 Principality conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Are the BSA intent on creating a searchable register to to identify law firms on the Melton Mowbray Building Society conveyancing panel for instance in Wilmslow?
Lexsure has not been advised of any intention on the part of the BSA to promote such a tool.
I happen to be the sole recipient of my late mum's estate with all property in now in my sole name, including the house in Wilmslow. Conveyancing formalities meant that the Land Registry date was in August. I plan to dispose of the property. I do know about the Mortgage Lenders six month 'rule', which means that my property ownership will be considered the same way as though I had purchased the property in August. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. Some banks would take a sensible view as this obligation chiefly exists to pick up on the purchase and immediately sell or the quick reselling of property.
I have today made my last payment due on my mortgage with HSBC. I assume I don't need a Wilmslow lawyer on the HSBC panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your HSBC mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the HSBC mortgage from the register. HSBC, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where HSBC has sent the Land Registry the discharge electronically, and
- HSBC has instructed the Land Registry to do so
Planning on purchasing a maisonette in Wilmslow. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Leeds Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Wilmslow conveyancing practitioner is on the Leeds Building Society conveyancing panel.
A friend advised me that if I am purchasing in Wilmslow I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally included in the estimate for your Wilmslow conveyancing searches. It is not a small document of more than thirty pages, listing and setting out important information about Wilmslow around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Wilmslow Education with maps and statistics, Local Amenities and other useful data concerning Wilmslow.
Due to the encouragement of my in-laws I had a survey completed on a house in Wilmslow prior to instructing lawyers. I have been advised that there is a flying freehold aspect to the house. My surveyor advised that some banks tend refuse to grant a loan on this type of home.
It depends who your proposed lender is. Lloyds has different requirements for example to Halifax. Should you wish to telephone us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Wilmslow. Conveyancing may be slightly more expensive based on your lender's requirements.
I was pointed in your direction by a few estate agents in Wilmslow to choose a property lawyer on your site. What’s the financial advantage for Estate Agents to promote your site rather than alternative conveyancing organisations?
We refuse to make any financial incentive for directing people our way. We thought it would be too underhand a fee because a client could think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.