My grandson is about to exchange on a newly built flat in Slough with a home loan from Lloyds. His lawyer 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 purchase. Therefore, it will be provided to your son’s lawyer who should be on the Lloyds conveyancing panel as a standard part of the process, and to the valuer 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 Lloyds conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I need some quick conveyancing in Slough as I am under a deadline to complete inside one month. Fortunately I do not require a mortgage. Is it possible to avoid the conveyancing searches to save fees and time?
As you are are a cash purchaser you have the choice not to have searches conducted although no solicitor would advise that you don't. Drawing on years of experience of conveyancing in Slough the following are examples of issues that can be revealed and therefore impact market value: Enforcement Actions, Overdue Fees, Overdue Grants, Road Schemes,...
I am purchasing my first flat in Slough with a loan from Bank of Scotland. The sellers refused to move on the price so I negotiated £7000 of additionals instead. The estate agent suggested that I not inform my lawyer about the extras as it will affect my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a ground for flat up to £305k and identified one round the corner in Slough I like with a park and station nearby, the downside is that it's only got 51 years on the lease. I can't really find anything else in Slough for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a home loan the shortness of the lease will likely be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
Should I be wary by 3rd parties that I am dealing with are suggesting a nationwide conveyancing firm rather than a High Street Slough conveyancing company?
As with lots of professional services, often recommendations from relatives can be extremely useful or valuable. But there are lots of people with a keen interest in a conveyancing transaction; estate agents, mortgage brokers and lenders might all suggest lawyers to retain. Sometimes the conveyancers might be known to one of the organisations as being good in their field, but occasionally there is an underlying commercial relationship behind the recommendation. You are at liberty to select your own lawyer. You need to be aware that the majority of mortgage providers operate an approved list of lawyers you are obliged to use for the mortgage aspect of your transaction.