My nephew is in the process of securing a new build apartment in Machynlleth with a home loan from Virgin Money. His lawyer has advised him of a delay in completing 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 Virgin Money conveyancing panel as a standard part of the process, and to the surveyor 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.

I have been told by my lawyer that breach of easement insurance is required on my purchase. What is the level of cover for Machynlleth conveyancing?

The right level of breach of easement indemnity insurance depends on your lender. It would differ for example between Barclays and Norwich and Peterborough Building Society. Conveyancing solicitors as opposed to members of the public take out such policies.

I am the only beneficiary of my late grandmother’s will with all property in now in my sole name, including the house in Machynlleth. Conveyancing formalities meant that the Land Registry date was in April. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', which means that my proprietorship may be treated the same way as if I'd bought the house in April. Is the property unsalable for six months?

The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be affected by that. How practical a view lenders take of it, depend on the mortgage company as this requirement is chiefly there to pick up on subsales or the wholesaling and assigning of property.

My wife and I have arranged a further advance on our home loan from Co-operative as we intend to conduct renovations to our house in Machynlleth. Do we need to appoint a local Machynlleth solicitor on the Co-operative conveyancing panel to deal with the legals?

Co-operative would not normally require firms on their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Co-operative panel.

three months have elapsed following my purchase conveyancing in Machynlleth concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. 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.

Estate agents have just been given the go-ahead to market my garden flat in Machynlleth. Conveyancing lawyers have not yet been instructed, however I have just received a quarterly service charge demand – what should I do?

The sensible thing to do is clear the service charge as normal as all rents and maintenance invoices will be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

Leasehold Conveyancing in Machynlleth - Sample of Questions you should consider Prior to buying

The best form of lease structure is a share of the freehold. In this arrangement the tenants benefit from control and although a managing agent is often employed where the building is bigger than a house conversion, the managing agent is directed by the tenants. Make sure you investigate if there are any onerous restrictions in the lease. For example it is fairly common in Machynlleth leases that pets are not permitted in certain buildings in Machynlleth. If you love the propertyin Machynlleth but your cat is not allowed to live with you then you have a very difficult compromise. The majority of Machynlleth leasehold properties will have a service charge for maintenance of the block levied on behalf of the freeholder. Should you purchase the flat you will have to meet this charge, usually in instalments throughout the year. This may differ from a few hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. There will also be a ground rent to be met yearly, normally this is not a large figure, say around £50-£100 but you should to check it because sometimes it could be surprisingly expensive.

Builders have recommended to me a conveyancer and I've sought an estimate from them. It's nearly £250 cheaper than my preferred Machynlleth lawyer. What's the catch?

Housebuilders often have lists of lawyers who expedite matters and who know the developer’s contract and property lawyer. Plenty of developers offer an incentive to use a preferred conveyancer for this reason, any increased cost can be avoided and a developer won't suggest a conveyancing warehouse and run the risk of having the conveyancing delayed when they want exchange in 28 days. The argument for not agreeing to use the suggested lawyer is that they may be reluctant to fight for your interests for fear of upsetting the developer. If you worry that this may be the situation you should stick with your high street Machynlleth conveyancer.