Our son is in the process of securing a house that has just been built in Old Colwyn with a home loan from Yorkshire BS. His lawyer has said that there is 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 document 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 Yorkshire BS 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 Yorkshire BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I have an AIP. The bank mentioned the mortgage came with free conveyancing. Does this mean I have to use their panel lawyer as I would prefer to use a high street conveyancing solicitor in Old Colwyn?
You should check but the chances are that appoint one of their panel lawyers should you accept the "fee-free" incentive. Call the lender and ask if they make available a cash alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor in Old Colwyn.
I am aiming to move home in May. Does my conveyancing solicitor communicate with the removal company on the completion day. As an aside, can you put forward a removal company in Old Colwyn. Conveyancing lawyer was chosen prior to coming across your site.
On the day of completion you can pick up the house keys from your estate agent but this can only be done when the sellers lawyers advise the agent that they acknowledge receipt of the completion payment and the keys can be passed over. After that you can inform the removal company that you are ready to move in. As a matter of policy we do not suggest a particular removal company but can help you choose a residential property solicitor in Old Colwyn or a firm that specialises in conveyancing in Old Colwyn.
When it comes to lenders such as Principality, do Old Colwyn conveyancing practitioners have to pay a yearly amount to be on the list of approved solicitors?
We are unaware of any bank fees to register on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
It is unclear whether my lender requires a lease extension. I have telephoned my Old Colwyn bank branch on a couple of occasions and was advised it wasn't a problem and they will lend. My Old Colwyn conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Provided that the conveyancing practitioner is on the lender approved list, they must comply with the CML Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
three months have elapsed since my purchase conveyancing in Old Colwyn took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Am I best advised to go with a Old Colwyn conveyancing solicitor based in the area that I am purchasing? I have an old university friend who can handle the legal formalities however they are based 300kilometers away.
The benefit of a local Old Colwyn conveyancing firm is that you can visit the firm to sign paperwork, hand in your identification documents and pester them if necessary. Having local Old Colwyn know how is a bonus. That being said nothing is more important than finding someone that will do a good and efficient job. If you know people who instructed your friend and the majority were content that must surpass using an unfamiliar Old Colwyn conveyancing lawyer solely due to them being based in the area.