My nephew is about to exchange on a house that has just been built in Bookham with a mortgage from UBS. His solicitor 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 document 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 UBS conveyancing panel as a standard part of the process, and to the surveyor 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 UBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
What does my ID and proof of funds have anything to do with my conveyancing in Bookham? Why is this being asked of me?
It is indeed that case that these requests have nothing to do with conveyancing in Bookham. However these days you will not be able to proceed with any conveyancing process without first submitting proof of your identity. This usually takes the form of a either your passport or driving licence and a council tax bill. Please note that if you are supplying your driving licence as evidence of identification it needs to be both the paper part and photo card part, one is not acceptable in the absence of the other.
Verification of your source of money is mandated under Money Laundering Regulations. Please do not be offended when you are asked to produce this as your lawyer must have this information on file. Your Bookham conveyancing practitioner will need to see evidence of proof of funds prior to accepting any money from you into their client account and they will also ask additional queries concerning the origin of funds.
I am purchasing a new build house in Bookham with a mortgage from Bank of Ireland. The developers would not budge the amount so I negotiated £7000 of extras instead. The sale representative advised me not disclose to my conveyancer about this extras as it would impact my loan with Bank of Ireland. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
What tools are available to identify a Bookham solicitor on the Barnsley Building Society conveyancing panel? I drive a motor bike and am prepared to travel upto 20miles to meet the conveyancer.
Feel free to make use of the tool on this website. Please select a bank and your location and you will see a number of Bookham conveyancing lawyers locally. We have detailed some Bookham conveyancing firms at the bottom of this page and you can call them to verify if they are on the Barnsley Building Society panel
The property lawyers undertaking our conveyancing in Bookham has sent documents to review that indicate that the land is unregistered with epitome documents. Is it not the case that all property in Bookham are registered?
Whilst most properties in Bookham are now registered with HM Land Registry there are still a few that remain unregistered. Any property in Bookham that has been remortgaged since the late 1980’s will have been registered at the Land Registry under the compulsory ‘first registration’ scheme. However, if a Bookham property has not changed hands in that time then it’s likely the old fashioned title deeds will be the only evidence of ownership.Many Bookham conveyancing lawyers should be familiar with this type of conveyancing but where uncertainty exists the usual proposition these days is for the seller’s conveyancer to address the registration formalities first and then deal with the dispose of the property to the purchaser - this undoubtedly result in a significant delay.