Our son is purchasing a new build apartment in Rothbury with a mortgage from Bank of Ireland. His solicitor has said that there is 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 document is intended to provide information to the main parties engaged in the purchase. 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 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 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.
What does my ID and proof of funds have anything to do with my conveyancing in Rothbury? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Rothbury conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility bill showing where you live.
Under Money Laundering Regulations, property lawyers are duty bound to investigate not simply the ID of conveyancing clients but also the source of fund that they receive in respect of any matter. Refusal to disclose this may lead to your solicitor cancelling their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to make a disclosure to the relevant authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
Me and my partner are buying a house in Rothbury. I might seem paranoid but how we can trust a solicitor? At some point we have to deposit money into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We have agreed to purchase a house in Rothbury. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Lloyds be concerned?
As your lender is Lloyds your lawyer must follow the formal requirements set out in Part two of UK Finance Lenders’ Handbook for Lloyds. The CML Handbook contains minimum provisions for solar panel roof-space leases, and conveyancers are required to report to Lloyds where a lease does not meet these provisions. The provisions relate to the installation of panels on properties nationwide and is not limited to Rothbury.
Planning on purchasing a maisonette in Rothbury. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the RBS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Rothbury lawyer is on the RBS conveyancing panel.
How does conveyancing in Rothbury differ for newly converted properties?
Most buyers of new build residence in Rothbury come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is built. This is because house builders in Rothbury tend to acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Rothbury or who has acted in the same development.
We are in the middle of purchasing a house in Rothbury. Conveyancing lawyer has called to say the property is "Leasehold". Should this impact the marketability of the property?
Rothbury conveyancing does not normally involve leasehold houses. The main consideration here is the length of lease and the ground rent. If it's 999 years with a peppercorn rent, it's essentially freehold, so it shouldn't impact the value too much.
On the flip side, if it's, say, Sixty years it will have a material impact on the value, and most likely wouldn't be mortgageable. The remaining lease term and ground rent will be specified in the lease which should be made available to your lawyer.