Our nephew is purchasing a house that has just been built in Leyland with a mortgage from Co-operative. His lawyer has advised him of 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 form 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 Co-operative 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 Co-operative 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 listing law firms on the Leeds Building Society conveyancing panel. Do companies pay you a referral fee if I instruct them for our conveyancing in Leyland?
We are a listing service only for law firms wishing to communicate if they are on the Leeds Building Society conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Leyland.
I had intended to instruct a property lawyer in Leyland for our home move. Our broker informed us that our mortgage lenders Bank of Scotland won't deal with them. Surely this is unduly restrictive?
Mortgage Companies tend to imposes restrictions either the type or the number of conveyancing practices on their member panel. Typical examples of such criteria being that a law practice must have two or more partners. In addition to restricting the profile of firm, some have limited the number of solicitor practices they allow to represent them. You should note that Bank of Scotland have no responsibility for the quality of advice provided by any member of Bank of Scotland Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago even though there are differing opinions regarding the level of solicitor involvement in some of that fraud. Statistics from the Land Registry indicate that hundreds of law firms, including some in or near Leyland only execute one or two conveyances per annum.
My father pointed out to me me that in purchasing a property in Leyland there could be various restrictions as to what one can do in terms of external changes to a property. Is this right?
We are aware of anumerous of properties in Leyland which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Leyland should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
When it comes to mortgage companies such as RBS, do Leyland conveyancing practitioners face an annual charge to be on the list of approved solicitors?
We are unaware of any lender fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Can you point me to a directory of Aldermore panel conveyancers in Leyland on the Building Society Association’s Website?
Unfortunately not yet. There is no such facility on the CML or Building Society Association sites. Very few lenders make their panel listings available over the internet. Where you are in need of a Leyland property lawyer on the Aldermore please make the most of our tool.
I have been on the look out for a leasehold apartment up to £305k and found one close by in Leyland I like with open areas and transport links in the vicinity, however it only has 61 years unexpired on the lease. There is not much else in Leyland for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a mortgage that many years will likely be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.