My god-son is purchasing a new build apartment in Worsley with a home loan from Virgin Money. His conveyancer 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 purchase. Therefore, it will be provided to your son’s lawyer who should be on the Virgin Money 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 Virgin Money 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 search directory identifying solicitors on the Coventry BS conveyancing panel. Do companies pay you a referral fee if I retain them for our conveyancing in Worsley?
We are a listing service only for law firms wishing to communicate if they are on the Coventry BS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Worsley.
My wife and I are at the point of looking at houses in Worsley and I am about to put in an offer. Should I already have a conveyancing practitioner appointed at this point? I intend to finance via a mortgage with Clydesdale.
It would be wise to commence your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the estate agent. Given that you are taking out a mortgage with Clydesdale, make sure you remember to check that your lawyer is on the Clydesdale conveyancing panel.
After months of negotiation I have agreed a price on an apartment in Worsley. My mortgage broker suggested a property lawyer. I paid an advanced payment of £225. A couple of days later, the lawyer contacted me sheepishly admitting that they were not on the Skipton conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Skipton panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Leeds Building Society have agreed my mortgage in principle, my bid on a flat in Worsley has been agreed to, what happens next?
Your property agent will need to be informed of your lawyer's details (make sure the conveyancers are on the bank’s approved list). Contact Leeds Building Society or your broker and complete any outstanding paperwork. Leeds Building Society will appoint a valuer who will get in touch with the estate agent or vendor to schedule a time for the valuation to happen. Once carried out (assuming no problems) it takes approximately a fortnight for the mortgage offer to be issued. Leeds Building Society will send the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Worsley.
I have been on the look out for a ground for flat up to £195,000 and identified one close by in Worsley I like with a park and transport links nearby, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in Worsley in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
I'm remortgaging my primary property to a buy to let mortgage with Skipton Building Society and intend to use the remaining equity as a down payment on another property. The area we are looking at is Worsley. Will your conveyancers be able to act for the two lenders and link together the transactions?
Do use our search tool on this page to be sure that the conveyancers are approved by both banks. Assuming that they are your solicitor should be able to tie up the two conveyancing matters but you should have a chat with you lawyer and communicate your expectations and requirements.
Do I cancel the direct debit for my mortgage with Barclays once a completion date for my sale in Worsley has been agreed?
You would be well advised to keep meeting any mortgage payments to Barclays pending the mortgage being redeemed on completion as part of your Worsley conveyancing.