Our son-in-law is purchasing a house that has just been built in Beckton with a mortgage from Nationwide. His solicitor has said that there is a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document 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 Nationwide 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 Nationwide 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 post code search directory identifying firms on the Skipton conveyancing panel. Do companies pay you a commission if I instruct them for our own conveyancing in Beckton?
We are a listing service only for law firms wishing to communicate if they are on the Skipton conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Beckton.
We wanted to use a conveyancing solicitor in Beckton for our house move. Our financial adviser has since notified us that our bank Barclays Direct won't deal with them. Why is this not regarded as unfair competition?
Mortgage Companies normally imposes restrictions either the type or the amount of conveyancing practices on their approved list of lawyers. Typical examples of such restriction(s) being that a law practice must not be a sole practitioner. In addition to restricting the profile of firm, some have limited the amount of firms they use to represent them. Be aware that Barclays Direct have no responsibility for the quality of advice provided by any member of Barclays Direct Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of conveyancing panels since 2008 even though there are differing opinions about the extent of solicitor involvement in some of that fraud. Data from the Land Registry indicate that thousands of law firms, including some in or near Beckton only execute one or two conveyances per annum.
My partner and I are downsizing from our property in Beckton and according to the buyers it appears that there is a possibility that the property was built on contaminated land. Any local conveyancer would know that there is no such problem. For the life of me I don't know why the purchasers instructed a national conveyancing firm as opposed to a conveyancing solicitor in Beckton. We have lived in Beckton for 4 years we know that this is a non issue. Is it a good idea to contact our local Authority to seek clarification that the buyers are looking for.
It sounds as though you may have a conveyancing solicitor already. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
I have been on the look out for a ground for flat up to £305k and identified one near me in Beckton I like with a park and transport links in the vicinity, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Beckton suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage that many years will be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.