Our nephew is buying a new build apartment in Chepstow with a mortgage from . His conveyancer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 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 conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My aunt passed away six months ago and as sole heir and executor I was left the property in Chepstow. The house had a relatively small loan remaining of approximately £5k. I want to transfer the title deeds into my name whilst I re-mortgage to , pay off the mortgage. Is this allowed?
Given you plan to refinance then will require that you use a conveyancer on the conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the mortgage is registered as a charge at the Land Registry.
I can see plenty of here regarding conveyancing in Chepstow but what is your top tip for selecting the right conveyancer in Chepstow
It would be unwise to be tempted by the cheapest Chepstow conveyancing fees. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
Is it the case that all Chepstow solicitors on the conveyancing panel are regulated by the SRA?
As solicitors, in order to be on the approved list of solicitors they would need to be overseen by the SRA. Some banks do allow licenced conveyancers on their panel and in such a situation the organisation would be governed by the Council of Licensed Conveyancers.
My husband and I have organised a further advance on our home loan from as we wish to conduct alterations to our property in Chepstow. Do we need to appoint a local Chepstow solicitor on the conveyancing panel to deal with the paperwork?
would not normally require a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the panel.
Are there restrictive covenants that are commonly picked up during conveyancing in Chepstow?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Chepstow. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a simple, no chain conveyancing. Chepstow is the location of the property. Can you shed any light on this issue?
Flying freeholds in Chepstow are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Chepstow you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chepstow 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 premises.