Our god-son is in the process of securing a new build apartment in Roker with a home loan from Yorkshire BS. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
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.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Kent Reliance Conveyancing panel ahead of completing my conveyancing in Roker?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
When it comes to lenders such as Virgin Money, do Roker conveyancing practitioners have to pay a yearly amount to be on the list of approved solicitors?
We are not aware of any bank fees to register on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
I currently have a mortgage with Principality for my property in Roker. Conveyancing has been completed a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Principality?
You must advise Principality prior to renting your property as this is likely to be a breach of Principality’s mortgage conditions. It may be that Principality will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Principality directly. It should not be necessary to do this via a Principality conveyancing panel solicitor.
Having digested plenty of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Roker solicitor - who is on the HSBC conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
HSBC will need an independent valuation of the property. Your lawyer will not arrange this. Usually HSBC will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Roker surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what should have been a straight forward, no chain conveyancing. Roker is the location of the property. Can you shed any light on this issue?
Flying freeholds in Roker are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Roker you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Roker may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Is there anything unique about your site and other internet conveyancing brokers for conveyancing in Roker?
At this site secure an accurate costs illustration from a Solicitor or Licensed Conveyancer that has a full understanding of the issues of your conveyancing in Roker. Unlike many estate agents and brokerage sites we do not operate kick-back deals with solicitors. A large number of agents and online brokers 'recommend' the firm that pays the highest commission, as opposed to the best value conveyancing in Roker