Our grandson is in the process of securing a newly built flat in Tower Hill with a home loan from Principality. His lawyer has said that there is a delay in receiving 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 purchase. Therefore, it will be provided to your son’s lawyer who should be on the Principality 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 Principality conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
How does conveyancing in Tower Hill differ for new build properties?
Most buyers of new build residence in Tower Hill contact us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is completed. This is because builders in Tower Hill tend to acquire the land, 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 property lawyers 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 Tower Hill or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £235,500 and identified one close by in Tower Hill I like with a park and railway links nearby, however it's only got 49 years unexpired on the lease. There is not much else in Tower Hill for this price, so just wondered if I would be making a grave error buying a short lease?
Should you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
What tools are available to locate a Tower Hill law firm on the Skipton Building Society conveyancing panel? I am a keen cyclist and am prepared to travel upto 20miles to meet the lawyer.
Feel free to make use of the search on this page. Please pick a mortgage company and your location and you will see a number of Tower Hill conveyancing lawyers locally. We have detailed some Tower Hill conveyancing firms towards the end of this page and you can contact them to verify whether they are on the Skipton Building Society panel
My father-in-law has urged me to instruct his conveyancing solicitors in Tower Hill. Should I choose my own solicitor?
Much as we are happy to recommend a Tower Hill conveyancing lawyer it’s preferable to select a conveyancing solicitor is to seek referrals from friends or relatives who have experience in using the solicitor that you are considering.