Our son is in the process of securing a house that has just been built in Llangollen with a mortgage from RBS. His solicitor has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 RBS 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 RBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Are the Llangollen conveyancing solicitors identified as being on the Skipton conveyancing panel, together with their details provided by Skipton?
Llangollen conveyancing firms themselves provide us confirmation that they are on the Skipton conveyancing panel as opposed to being supplied with a list from Skipton directly.
When it comes to mortgage companies such as Nationwide, do Llangollen solicitors face an annual charge to be on the conveyancing panel?
We are not aware of any lender fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
I was told four weeks ago that my mortgage has been agreed to by Leeds Building Society. Is it usual for Leeds Building Society to only issue the offer once my solicitor in Llangollen is approved on their conveyancing panel? Leeds Building Society have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Leeds Building Society to deal with your lawyer's application to be on the Leeds Building Society conveyancing panel. There's no guarantee that your solicitor will be accepted.
My offer on a detached house in Llangollen has been accepted, the sellers do nevertheless have a tied purchase. The owners have placed an offer on somewhere, but it’s not yet agreed to, and have viewings of other properties booked. I have selected a bricks and mortar conveyancing solicitor in Llangollen. What should be my next step? At what stage do I apply for the mortgage with Clydesdale?
It is usual to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is in the region of £1k, then survey, Llangollen conveyancing search charges, etc). The first thing to do is check that your property lawyer is on the Clydesdale conveyancing panel. Concerning the subsequent stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. During a rising market some purchasers will apply for a home loan with Clydesdale and arrange for the valuation and only if it was satisfactory would they request their conveyancing practitioner to press on with searches.
I own a semi-detached Georgian property in Llangollen. Conveyancing practitioner represented me and Godiva Mortgages Ltd. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, another for leasehold under the matching address. If a house is not a freehold shouldn't I have been informed?
You should assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Llangollen and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with your conveyancing lawyer who conducted the work.
I am buying a new build house in Llangollen with a loan from Virgin Money. The builders refused to budge the amount so I negotiated 6k of extras instead. The sale representative told me not to tell my conveyancer about this side-deal as it will impact my mortgage with the bank. Do I keep my lawyer in the dark?.
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.