Our nephew is in the process of securing a newly built flat in Glenfield with a home loan from Santander. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
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 Santander conveyancing panel as a standard part of the process, and to the valuer 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 Santander conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Last month we had a mortgage agreed in principle with Clydesdale. Glenfield conveyancing solicitors have been chosen. How long does it take for Clydesdale to forward the offer to the conveyancer?
Some lenders take longer than others. Have Clydesdale conducted the survey? Have you informed Clydesdale as to your lawyers' details and checked that your lawyers are on the Clydesdale conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I currently have a mortgage with Bank of Ireland for my property in Glenfield. Conveyancing has been completed a year ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Bank of Ireland?
You must advise Bank of Ireland prior to renting your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Bank of Ireland directly. It should not be necessary to do this via a Bank of Ireland conveyancing panel lawyer.
Our sealed bid on a detached house in Glenfield has been accepted, the owners do however have a dependent purchase. The vendors have placed an offer on a property, but it’s not been accepted yet, and have viewings of other apartments booked. I have chosen a high street conveyancing solicitor in Glenfield. What do I do now? When should I get the mortgage application with Clydesdale started?
It is usual to have anxieties where there is a chain as you are unlikely to want to incur costs prematurely (home loan application is in the region of £1k, then survey, Glenfield conveyancing search fees, etc). First, you should ensure that your conveyancing practitioner is on the Clydesdale conveyancing panel. As to the subsequent steps this very much dictated by the circumstances of your case, motivation for this property and on the state of the market. During a buoyant market the majority of purchasers would apply for a home loan with Clydesdale and pay for the valuation and only if it comes back ok would they ask their property lawyer to press on with searches.
How does conveyancing in Glenfield differ for new build properties?
Most buyers of new build property in Glenfield contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is constructed. This is because builders in Glenfield tend to buy the land, 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 property lawyers 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 accustomed to new build conveyancing in Glenfield or who has acted in the same development.
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 straight forward, no chain conveyancing. Glenfield is where the house is located. Can you shed any light on this issue?
Flying freeholds in Glenfield are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Glenfield you would need to get your solicitor to go 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 Glenfield may determine 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 residence.
In sourcing the world wide web for the words conveyancing in Glenfield it reveals numerous conveyancerslocally. With so much choice what is the best way to find the right conveyancing solicitor for me?
The preferential method of finding a suitable conveyancer is via personal recommendation, so enquire of colleagues and relatives who have purchased a property in Glenfield or the reputable estate agent or financial adviser. Charges for conveyancing in Glenfield differ, so it's a good idea to request a minimum of three quotes from varying types of property lawyers. Be sure to seek confirmation that the costs are guaranteed not to rise.