My grandson is about to exchange on a house that has just been built in Wynyard with a home loan from HSBC. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the HSBC conveyancing panel as a standard part of the process, and to the surveyor 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 HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am thinking of refinancing my apartment in Wynyard, does my lawyer need to be on the HSBC Solicitor panel?
In theory, you could use a solicitor that is not on the HSBC conveyancing panel, but HSBC would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I'm purchasing a new build house in Wynyard with the aid of help to buy. The sellers refused to budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent advised me not inform my solicitor about the deal as it will impact my mortgage with Chelsea Building Society. Should I keep quiet?.
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.
Having had my offer accepted I require leasehold conveyancing in Wynyard. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Wynyard - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Wynyard Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
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Is there a share of the freehold? How long is the Lease? The answer will be helpful as a) areas may result in problems for the building as the common areas may start to deteriorate if repairs remain unpaid b) if the leasehold owners have a dispute with the managing agents you will need to have all the details
New build sellers have suggested I use a property lawyer and I've sought an estimate from them. It's nearly £300 cheaper than my local Wynyard property lawyer. Should I use them?
Housebuilders often have panels of solicitors who are quick and who know the developer’s contract and property lawyer. As many developers offer an inducement to use their approved solicitor for this reason, any increased fees can be avoided and a developer will not recommend a conveyancing warehouse and run the risk of having the transaction stall when they require an exchange inside a month. The argument for not opting for the suggested conveyancing practitioner is that they may prove hesitant to 'push' your interests for fear of alienating the housebuilder. If you worry that this may be the case you should remain with your local Wynyard conveyancing practitioner.