Our nephew is in the process of securing a house that has just been built in Southwell with a mortgage from RBS. His solicitor has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 RBS 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 RBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Completed the sale of my flat in Southwell last December yet the purchaser is e-mailing me to moan that his lawyer needs to hear from mine. What are the post completion sale legalities now that I have sold?
Post completion of your disposal your conveyancer is committed to send the transfer deeds and all of the paperwork to the purchaser's solicitors. If applicable, your conveyancer must also evidence that the home loan has been redeemed to the buyers conveyancers. There are no post completion steps specific conveyancing in Southwell.
We are selling our property in Southwell and according to the buyers it appears that there is a risk of it being built on contaminated land. A high street Southwell lawyer would know this is not the case. For the life of me I don't know why the buyers instructed a factory type conveyancing practice rather than a conveyancing solicitor in Southwell. We have lived in Southwell for many years we know that this is a non issue. Do we contact our local Authority to seek confirmation that there is no issue.
It sounds as though you may have a conveyancing firm already. Are they able to advise? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
I am buying my first flat in Southwell with a mortgage from Chelsea Building Society. The sellers would not budge the amount so I negotiated £7000 of additionals instead. The property agent advised me not reveal to my solicitor about this side-deal as it could jeopardize my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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 close by in Southwell I like with a park and station nearby, the downside is that it only has 61 years unexpired on the lease. There is not much else in Southwell for this price, so just wondered if I would be making a grave error buying a short lease?
Should you need a mortgage that many years will likely be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.