Our god-son is purchasing a house that has just been built in Llanidloes with a home loan from Skipton. His lawyer 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 form is intended to provide information to the main parties involved in the purchase. 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.
Why do I have to pay up front when it comes to conveyancing in Llanidloes?
If you are buying a property in Llanidloes your solicitor will ask you place them with monies to cover the search fees. Ordinarily this is asked for to cover the fees of the Local Authority Search. When the deposit is payable against the total price then this will be asked for shortly in advance of exchange of contracts. The closing balance that is needed should be sent to your lawyer shortly before completion.
Does a directory service exist listing TSB panel solicitors in Llanidloes on the Building Society Association’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. A small selection of lenders make their panel listings visible over the internet. If you are seeking to appoint a Llanidloes property lawyer on the TSB please make the most of our facility.
We had appointed solicitors with offices in Llanidloes on the Lloyds solicitor approved list. They have just billed me a supplemental amount for dealing with the Lloyds mortgage. Is this a supplemental conveyancing fee specified by Lloyds?
As unfair as it may seem, as long as it’s in their Terms of Engagement or estimate then yes your lawyer is entitled to charge a fee for this. The fee is not set by Lloyds but by your Llanidloes solicitor. Numerous firms on the Lloyds panel will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
My partner and I are spending time viewing flats in Llanidloes and I am about to put in an offer. Is it best to have my solicitor on ‘stand by’? I intend to finance via a home loan with Principality.
You should start obtaining conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the selling agent. Given that you are obtaining a mortgage with Principality, ask your prospective lawyers if they are on the Principality conveyancing panel otherwise they can't do the mortgage legal work.
I opted to have a survey carried out on a house in Llanidloes in advance of instructing solicitors. I have been advised that there is a flying freehold aspect to the property. My surveyor advised that some mortgage companies will refuse to grant a loan on a flying freehold premises.
It varies from the lender to lender. HSBC has different instructions from Birmingham Midshires. Should you wish to telephone us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Llanidloes. Conveyancing may be slightly more expensive based on your lender's requirements.
We own a leasehold flat in Llanidloes. Conveyancing was completed in 2011. I have heard that I mustn’t allow the the remaining lease term to get too short. Why is that a problem?
Llanidloes leasehold properties are for a prescribed term - normally just under one hundred years when they commenced. However a significant appartments in Llanidloes were constructed or converted in the 60’s and so these leases now have under 80 years unexpired. This may seem like a long time however Banks, Building Societies and other mortgage companies tend to require leases to have a minimum of seventy five years remaining to be mortgageable. This means that when you come to sell the property you will need to extend the term of your lease if you are nearing eighty years. To increase your property value you should be thinking about whether to extend your lease long before you come to sell it. There are also strong financial reasons to doing so before the lease hits 80 years as when the lease falls below eighty years the amount you have to pay to extend starts to increase.