Our nephew is purchasing a new build apartment in Coombe Dingle with a home loan from . His conveyancer 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 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 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 conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
It is is a decade since I purchased my property in Coombe Dingle. Conveyancing lawyers have recently been appointed on the sale but I can't find my title deeds. Will this jeopardise the sale?
Don’t worry too much. First there is a chance that the deeds will be retained by the mortgage company or they could still be with the solicitor who acted in your purchase. Secondly in all probability the title will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers acquiring current official copies of the land registers. Almost all conveyancing in Coombe Dingle involves registered property but in the rare situation where your home is not registered it adds to the complexity but is not insurmountable.
How do I find out if the solicitor conducting my conveyancing in Coombe Dingle is on the mortgage lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for thus spending £187.00 plus VAT in additional legal costs.
Please do make use of the find a lender approved solicitor tool on this web page. Pick the mortgage company and type ‘Coombe Dingle’ or your location and you will be presented with a number of lawyer offices in Coombe Dingle or nearest you.
4 months have elapsed since my purchase conveyancing in Coombe Dingle concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. 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 premises 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.
I am purchasing a new build house in Coombe Dingle with a loan from . The developers refused to move on the price so I negotiated 6k of fixtures and fittings instead. The estate agent suggested that I not inform my lawyer about this side-deal as it would affect my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.