My son is buying a house that has just been built in Keyworth with a home loan from HSBC. His lawyer has said that there is a delay in completing 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 HSBC 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 HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
In what way does my ID and proof of funds have anything to do with my conveyancing in Keyworth? Why is this being asked of me?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you need to sign will no doubt reaffirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Should you refuse to supply ID verification documents, your lawyer will not be able to take you on as a client.
I am being told by my solicitor that chancel insurance is needed on my purchase. What is the level of cover for Keyworth conveyancing?
The right level of chancel indemnity insurance depends on your lender. It would differ for example between Nationwide Building Society and The Royal Bank of Scotland. Conveyancing practitioners as opposed to members of the public take out such policies.
We had selected conveyancers locally in Keyworth on the Coventry BS solicitor approved list. They are now charging me an additional charge for dealing with the Coventry BS mortgage. Is this a supplemental conveyancing fee set by Coventry BS?
Provided it is contained in their Terms of Engagement or estimate then yes your solicitor may levy a fee for this. This charge is not dictated by Coventry BS but by your Keyworth solicitor. Some firms on the Coventry BS panel will levy ’dealing with mortgage’ fee but plenty of firms incorporate it on their overall fee.
After much negotiation I have agreed a price on a house in Keyworth. My mortgage broker suggested a property lawyer. I paid an upfront payment of £150. A few days later, the conveyancer called me sheepishly admitting that they were not on the Santander conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Santander panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Do I need to pay for insurance to protect me from financial exposure to chancel repairs when purchasing a residence in Keyworth?
Unless a previous acquisition of the property took place post 12 October 2013 you may take it that conveyancing practitioners conducting conveyancing in Keyworth to remain encouraging a chancel search and or insurance against a claim.
I have been on the look out for a flat up to £195,000 and identified one round the corner in Keyworth I like with amenity areas and transport links in the vicinity, however it's only got 52 years on the lease. There is not much else in Keyworth for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.