Our son is in the process of securing a new build apartment in Northleach with a home loan from Barclays. 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 involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Barclays 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 Barclays conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We expect to receive a DIP from Santander this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Santander recommend any Northleach solicitors on the Santander conveyancing panel, or is it better to go independently?
You will need to appoint Northleach solicitors independently although you'll need to choose one on the Santander conveyancing panel. The solicitor represents both you and Santander through the process.
I was told three weeks ago that my mortgage has been agreed to by Principality. Is it usual for Principality to only issue the offer once my solicitor in Northleach is approved on their conveyancing panel? Principality 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 Principality to deal with your lawyer's application to be on the Principality conveyancing panel. There's no guarantee that your solicitor will be accepted.
Aldermore have agreed my mortgage in principle, my offer on a flat in Northleach has been accepted, now what?
The property agent will wish to know who your solicitors are (be sure the property lawyers are on the bank’s panel). Call up Aldermore or your financial adviser and finish off any relevant forms. Aldermore will appoint a valuer who will get in contact with the selling agent or owners to book an appointment. Once conducted (assuming no problems) it takes about a fortnight to receive the mortgage offer. Aldermore will send the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Northleach.
A colleague recommended that where I am buying in Northleach I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually included in the estimate for your Northleach conveyancing searches. It is a large document of about 40 pages, listing and setting out important information about Northleach around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Northleach Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Northleach Education with maps and statistics, Local Amenities and other useful information regarding Northleach.
I am a couple of weeks into a leasehold purchase having been recommend to conveyancers by the high street agent to carry out the conveyancing in Northleach. I am am extremely frustrated with the level of service. Can you you assist me in finding new conveyancers?
They would have to be very bad to suggest replacing them. Has the mortgage been generated? If so you need to make them aware of the replacement lawyer and ensure the loan are issued to the new lawyers. The conveyancer should be on the mortgage company approved list to avoid escalating fees and frustration. That should be your starting point. Our find a solicitor tool should assist you in finding a lender approved solicitor for your conveyancing in Northleach
What are the frequently found problems that you witness in leases for Northleach properties?
There is nothing unique about leasehold conveyancing in Northleach. All leases are drafted differently and legal mistakes in the legal wording can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
Repairing obligations to or maintain parts of the premises A provision for the recovery of money spent for the benefit of another party.
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Virgin Money, and Britannia all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.
Leasehold Conveyancing in Northleach - Sample of Questions you should consider before Purchasing
How much is the ground rent and service charge? Is anyone aware of any major works anticipated that will likely add a premium to the service charges? Does the lease have in excess of 90 years unexpired?