My nephew is purchasing a newly built flat in The Park with a home loan from Bank of Ireland. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form 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 Bank of Ireland 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 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.
Why is leasehold purchase conveyancing in The Park costs more?
The Park leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
Is it the case that all The Park conveyancing solicitors on the Virgin Money conveyancing panel are regulated by the SRA?
As solicitors, in order to be on the Virgin Money approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. Many mortgage companies do list licenced conveyancers on their panel in which case such practice would be overseen by the CLC.
I currently have a mortgage with Bank of Ireland for my property in The Park. Conveyancing was finalised months 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 buy-to-let mortgage or inform Bank of Ireland?
You must advise Bank of Ireland prior to letting out your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. It may be that Bank of Ireland 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 Bank of Ireland directly. It should not be necessary to do this via a Bank of Ireland conveyancing panel lawyer.
I am due to exchange contracts on my house. I had a double glazing fitted in July 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Aldermore are being difficult. The The Park solicitor who is on the Aldermore conveyancing panel is recommending indemnity insurance as a solution but Aldermore are insisting on a building regulation certificate. Why do Aldermore have a conveyancing panel if they don't accept advice from them?
It is probably the case that Aldermore have referred the matter to their valuer. The reason why Aldermore may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
How does conveyancing in The Park differ for new build properties?
Most buyers of new build property in The Park come to us having been asked by the builder to sign contracts and commit to the purchase even before the property is ready to move into. This is because developers in The Park 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 accustomed to new build conveyancing in The Park or who has acted in the same development.
Is it best to choose a The Park conveyancing solicitor based in the area that I am hoping to buy? An old friend can conduct the conveyancing but her office is 300miles away.
The benefit of a high street The Park conveyancing firm is that you can attend the office to sign paperwork, present your ID and apply pressure on them if necessary. Having local The Park know how is a bonus. That being said it's more important to get someone that will do a good and efficient job. If if people you trust instructed your friend and the majority were impressed that must trump using an unknown The Park conveyancing solicitor solely due to them being round the corner.