My god-son is about to exchange on a new build apartment in Betws Y Coed with a home loan from RBS. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 RBS conveyancing panel as a standard part of the process, and to the valuer when asked. 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 RBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Will my conveyancer be raising enquiries concerning flooding as part of the conveyancing in Betws Y Coed.
Flooding is a growing risk for solicitors dealing with homes in Betws Y Coed. There are those who acquire a house in Betws Y Coed, fully aware that at some time, it may be flooded. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or dispose of the premises. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Solicitors are not best placed to give advice on flood risk, however there are a number of checks that can be undertaken by the buyer or on a buyer’s behalf which should figure out the risks in Betws Y Coed. The conventional set of information given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) includes a standard question of the seller to discover whether the premises has suffered from flooding. In the event that flooding has previously occurred which is not revealed by the seller, then a purchaser could issue a compensation claim stemming from an incorrect response. A purchaser’s solicitors will also commission an environmental report. This will disclose whether there is any known flood risk. If so, more detailed investigations will need to be initiated.
3 months have elapsed since my purchase conveyancing in Betws Y Coed took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. 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 property 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.
How does conveyancing in Betws Y Coed differ for new build properties?
Most buyers of new build premises in Betws Y Coed contact us having been asked by the builder to sign contracts and commit to the purchase even before the premises is ready to move into. This is because house builders in Betws Y Coed typically purchase the land, 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 property lawyers 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 Betws Y Coed or who has acted in the same development.
I am looking for a ground for flat up to £305k and identified one near me in Betws Y Coed I like with amenity areas and station in the vicinity, however it only has 51 years on the lease. There is not much else in Betws Y Coed in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you require a mortgage the shortness of the lease may be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least twenty four months you can request that they start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.