Our nephew is purchasing a new build apartment in Heswall with a home loan from Virgin Money. His lawyer has said that there is a delay in completing 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 engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Virgin Money 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 Virgin Money conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We see that you have a post code search directory identifying firms on the HSBC conveyancing panel. Do companies pay you a referral fee if I retain them for our own conveyancing in Heswall?
We are a listing service only for law firms wishing to communicate if they are on the HSBC conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Heswall.
Please explain the implications if my solicitor is expelled from the RBS Solicitor panel ahead of completing my conveyancing in Heswall?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I am purchasing a new build house in Heswall with a loan from Virgin Money. The developers refused to reduce the amount so I negotiated £7000 of additionals instead. The property agent told me not to tell my conveyancer about this deal as it could impact my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Can you offer any advice when it comes to choosing a Heswall conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Heswall conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggest that you talk with several firms including non Heswall conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be useful:
What volume of lease extensions have they conducted in Heswall in the last year? How experienced is the firm with lease extension legislation?
Heswall Leasehold Conveyancing - Sample of Questions you should consider before buying
The prefered form of lease arrangement is a share of the freehold. In this scenario the leaseholders have control and although a managing agent is frequently retained if it is larger than a house conversion, the managing agent employed by the leaseholders. Is there a share of the freehold? You will want to discover as much as you can regarding the company managing the block as they will affect your use and enjoyment of the property. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to daily issues such as the cleanliness of the common parts. You should not be shy to ask other people what they think of them. On a final note, be sure you know the dates that the service charges are due to the managing agents and specifically how they are spending the funds.