Our nephew is about to exchange on a newly built flat in Isle Of Wight with a mortgage from Bank of Ireland. His conveyancer 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 engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Bank of Ireland 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 Bank of Ireland conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
What will a local search reveal regarding the property my wife and I buying in Isle Of Wight?
Isle Of Wight conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search company for instance Searchflow The local search is essential in every Isle Of Wight conveyancing purchase; that is if you don’t want any unpleasant surprises after you move into your property. The search will provide information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
How does conveyancing in Isle Of Wight differ for new build properties?
Most buyers of new build or newly converted property in Isle Of Wight come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is ready to move into. This is because house builders in Isle Of Wight typically acquire 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 Isle Of Wight or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a simple, no chain conveyancing. Isle Of Wight is where the house is located. What do you suggest?
Flying freeholds in Isle Of Wight are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Isle Of Wight you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Isle Of Wight may ascertain 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.
I am looking for Isle Of Wight conveyancing quotes online. Can I be sure that all the Isle Of Wight firms that are identified on your website are on the lender conveyancing panel?
The law firms on our directory have advised us that they are on the bank panel and agreed to advise us to take down their listing in the event of removal off of the bank panel. To date we have not been informed by either a bank or a member of the public that the data about a specific Isle Of Wight firm being on the mortgage company conveyancing panel is incorrect.