My son is about to exchange on a newly built flat in Holywell with a mortgage from Skipton. His solicitor has said that there is 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 engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Skipton 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 Skipton conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the Yorkshire BS Solicitor panel ahead of completing my conveyancing in Holywell?
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 at a cost.
I have been told that property searches are a common reason for obstruction in Holywell house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any holding up conveyancing in Holywell.
It has been 4 months following my purchase conveyancing in Holywell concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. 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 residence 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 seeking to buy a repossessed flat in Holywell and the vendor demand completion within a week. Do lawyers meet that timeframe? Would it be better to instruct a local Holywell firm or an online conveyancer that advertises to offer speedy conveyancing?
Visit your Holywell high street. Go in to a couple of companies and ask to see a conveyancing solicitor for an estimate. Discuss your needs and try and obtain a commitment on speed. Appoint the firm that appears most trustworthy. Make sure to use a conveyancer on the list of conveyancers acceptable to your mortgage company.