Our nephew is buying a house that has just been built in Lydney with a mortgage from Principality. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 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.
I currently have a mortgage with Leeds Building Society for my property in Lydney. Conveyancing was finalised a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Leeds Building Society?
Your original mortgage agreement with Leeds Building Society will provide that you need their approval before renting your property as this is likely to be a breach of Leeds Building Society’s mortgage conditions. It may be that Leeds Building Society will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Leeds Building Society directly. It should not be necessary to do this via a Leeds Building Society conveyancing panel solicitor.
After much negotiation I have agreed a price on an apartment in Lydney. My mortgage broker suggested a lawyer. I paid an advanced payment of £175. Shortly after, the property lawyer contacted me embarrassingly acknowledging that they were not on the Nottingham 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 Nottingham 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.
My offer on a detached house in Lydney has been accepted, the sellers do nevertheless have a connected purchase. The owners have put an offer on somewhere, but it’s not yet tied up, and are looking at other flats in the pipeline. I have selected a nearby conveyancing solicitor in Lydney. What do I do now? At what stage should I apply for the mortgage with TSB?
It is understandable to have concerns where there is a chain as you are unlikely to want to incur costs too early (home loan application is in the region of £1k, then valuation, Lydney conveyancing search charges, etc). The first course of action is to check that your conveyancing practitioner is on the TSB conveyancing panel. Regarding the subsequent stages this very much dictated by the specifics of your transaction, attraction to the property and on the state of the market. During a buoyant market some home buyers will apply for the mortgage with TSB and arrange for the valuation and only if it was satisfactory would they ask their conveyancer to move forward with the conveyancing in Lydney.
How does conveyancing in Lydney differ for newly converted properties?
Most buyers of new build or newly converted property in Lydney contact us having been asked by the seller to sign contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in Lydney tend to buy the real estate, 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 conveyancing solicitors 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 accustomed to new build conveyancing in Lydney or who has acted in the same development.
I am looking to sell my property. My past conveyancers closed down. It would be helpful to have a recommendation of a conveyancing firm. I happen to live in Lydney if that makes things easier.
Please use our search tool to help you choose a solicitor for your conveyancing in Lydney. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move runs smoothly.
My step-son is embarking on her first house purchase, he had his mortgage in principle. One the seller agreed the offer on the flat we contacted the mortgage institution to move forward with his. We were disappointed to learn that mortgage lenders do not accept all conveyancing practitioner, they need to be on their approved list, is this right?
Lenders tend to imposes restrictions either the type or the number of conveyancing firms on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Lydney solicitor on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.