Our son is buying a newly built flat in Dudley with a mortgage from Leeds Building Society. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
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 Leeds Building Society conveyancing panel as a standard part of the process, and to the surveyor when requested. 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 Leeds Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I have been told that property searches are the main reason for delay in Dudley conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays in the conveyancing process. Searches are unlikely to feature in any holding up conveyancing in Dudley.
The deeds to my home are lost. The conveyancers who handled the conveyancing in Dudley 10 years ago are no longer around. What do I do?
These day there are duplicates made of almost everything, and your conveyancer should be aware exactly where to look for all the appropriate paperwork so you can buy or sell your house without any difficulty. If copies are not available, your conveyancer may be able to put in place insurance or indemnities against possible claims on your property.
How does conveyancing in Dudley differ for newly converted properties?
Most buyers of new build premises in Dudley come to us having been asked by the developer to sign contracts and commit to the purchase even before the residence is finished. This is because builders in Dudley usually acquire the site, 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 conveyancers 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 used to new build conveyancing in Dudley or who has acted in the same development.
My solicitors in Dudley have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with the lender. Is it case that being on the mortgage company conveyancing panel they need to have retained the file for a prescribed period?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the bank Conveyancing Panel Terms. It might be worth you contacting the bank directly.