My son is about to exchange on a new build apartment in Bradmore with a mortgage from Bank of Ireland. 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 transaction. Therefore, it will be provided to your son’s lawyer who should be on the Bank of Ireland 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 Bank of Ireland conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Yesterday I discovered that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a simple, no chain conveyancing. Bradmore is the location of the property. Is there any guidance you can impart?
Flying freeholds in Bradmore are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bradmore you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bradmore may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Should I be concerned by estate agents that I am dealing with are encouraging me to use a factory type conveyancing firm as opposed to a local Bradmore conveyancing company?
As with many professional services, often referrals from relatives can be worth their weight in gold. But there are numerous players in a conveyancing transaction; estate agents, mortgage brokers and banks might all put forward lawyers to use. On occasion these conveyancers might be known to one of the organisations as one of the best in their field, but occasionally there behind the scenes financial incentive behind the endorsement. You have the right to choose your preferred conveyancer. Don't forget that many lenders operate an approved list of solicitors you have to use for the lender aspect of your house move.
I am thinking of appointing a conveyancing lawyer in Bradmore for my house move. Is it possible to see a firm’s record with the legal regulator?
Anyone can search for documented Solicitor Regulator Association (SRA) determinations resulting from inquisitions commenced on or after 1 January 2008. Visit Check a solicitor's record. To find information Pre 2008, or to check a solicitors record, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, use +44 (0)121 329 6800. The SRA may monitor telephone calls for training reasons.
My partner and I are purchasing a ground floor flat in Bradmore. When we first instructed solicitor, they assured us that they were on all mainstream lender panels. Our mortgage broker emailed yesterday to advise that they are not on the Co-operative approved list. If it turns out to be true, what should we do? Do we just find a different conveyancer that is on their approved list or do we cover the costs for dual representation, with Co-operative appointing their own preferred lawyer.
When purchasing a property with mortgage finance it is normal for the purchaser’s solicitors to also act for the mortgage company. In order to act for a bank or building society a property lawyer has to be on that lender's list of approved lawyers. An application has to be made by the property lawyer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the solicitor has to meet. Some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact Co-operative to find out if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on Co-operative's conveyancing panel as you are at liberty to use your preferred Bradmore lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.