My god-son is buying a house that has just been built in Winnersh with a home loan 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 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 surveyor 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 Winnersh? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Winnersh conveyancing firm will require proof of identity in all conveyancing transactions. This is usually dealt with by provision of a passport and an original bank statement or utility account showing your correct address.
Under Money Laundering Regulations, property lawyers are required to ascertain not just the identity of conveyancing clients but also the origin of monies that they receive in respect of any matter. Refusal to disclose this will result in your conveyancer cancelling their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to make a disclosure to the appropriate authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
The Winnersh conveyancing solicitors that I recently instructed on my house acquisition in Winnersh have suddenly closed. I chose them because I needed a lawyer on the Clydesdale conveyancing panel and my preferred Winnersh lawyer was not. I issued them a cheque for two hundred pounds in advance. What do I do now?
Assuming that you have an Estate Agent in the equation then inform them straight away so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Clydesdale conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help.
Just had an offer accepted on a new build flat in Winnersh. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Winnersh
Please confirm the Lease plans are surveyor prepared. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
We are 14 days into a residential purchase having been recommend to a firm by the local agent to perform conveyancing in Winnersh. I am not happy. Could you help me find new lawyers?
A conveyancer would have to be really poor to suggest changing them. Has the loan offer been issued? In the event that it has you must advise them of the new contact details and ensure the loan are re-issued. Your new conveyancer needs to be on the lenders panel to avoid supplemental costs and delays. So that should be your first question of the new conveyancers. The search tool can help you find a lender approved lawyer for your conveyancing in Winnersh