My grandson is in the process of securing a new build apartment in Manchester with a home loan from Bank of Ireland. His conveyancer 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 Bank of Ireland conveyancing panel as a standard part of the process, and to the surveyor when asked. 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.
I am buying a semi-detached house in Manchester. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Manchester you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Manchester.
A friend pointed out to me me that in buying a property in Manchester there could be a number of restrictions as to what one can do in terms of external alterations to a property. Is this right?
There are anumerous of properties in Manchester which have some sort of restriction or requirement of consent to execute external alterations. Part of the conveyancing in Manchester should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Is it the case that all Manchester solicitor firms on the Virgin Money conveyancing panel are regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Virgin Money conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Some banks do list licenced conveyancers on their panel in which case such firms would be overseen by the CLC.
After what feels like an age I have had an offer on a flat in Manchester agreed to, but there is a chain. The vendors have offered on a property, but it’s not yet agreed to, and are looking at other apartments in the pipeline. I have selected a nearby conveyancing solicitor in Manchester. What do I do now? When do I get the mortgage application with Bank of Ireland going?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of one thousand pounds, then survey, Manchester conveyancing search fees, etc). The first thing to do is check that your property lawyer is on the Bank of Ireland conveyancing panel. Regarding the next stages this very much dictated by the uniqueness of your case, motivation for the property and on the state of the market. In a hot market many purchasers would apply for the mortgage with Bank of Ireland and pay for the valuation and only if it was satisfactory would they pay their property lawyer to proceed with the conveyancing in Manchester.
Is it necessary to pay for insurance to protect me from financial exposure to chancel repairs when acquiring a property in Manchester?
Unless a prior acquisition of the premises took place post 12 October 2013 you may take it that conveyancing practitioners delivering conveyancing in Manchester to remain encouraging a chancel search and or chancel repair liability policy.
I am looking for a flat up to £245,000 and found one near me in Manchester I like with a park and station in the vicinity, the downside is that it's only got 49 years on the lease. I can't really find anything else in Manchester for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a home loan the remaining unexpired lease term may be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.