My nephew is purchasing a house that has just been built in Broadclyst with a home loan from Principality. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 Principality 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 Principality conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Finally the sale completed on my house in Broadclyst last July yet the purchaser is calling every few hours to moan that her conveyancer needs to hear from mine. What should have happened now that I have sold?
Following your sale your solicitor should forward the transfer deeds and all additional paperwork to the buyer’s lawyers. Depending on the transaction, your lawyer should also confirm that the legal charge in favour of the lender has been repaid to the buyers solicitors. There is unlikely to be post completion tasks unique to conveyancing in Broadclyst.
I had a mortgage agreed in principle with Santander. Broadclyst conveyancing practitioners have been appointed. How long does it take for Santander to issue the offer to the lawyer?
Some lenders take longer than others. Have Santander done the survey? Have you informed Santander as to your lawyers' details and checked that your lawyers are on the Santander conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
We have agreed to purchase a house in Broadclyst. One unusual aspect is that the roof has a solar panel. Barclays have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Barclays your lawyer must check the formal requirements contained in Part 2 of UK Finance Lenders’ Handbook for Barclays. The Council of Mortgage Lenders’ Handbook includes minimum requirements for solar panel roof-space leases, and property lawyers are required to report to Barclays where a lease does not meet these specifications. The conditions relate to the installation of panels on properties nationwide and is not limited to Broadclyst.
I recently had an offer accepted on a house in Broadclyst. My mortgage broker recommended their conveyancers. I paid an on account payment of £150. Shortly after, the lawyer contacted me sheepishly admitting that they were not on the Aldermore conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Aldermore panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
How does conveyancing in Broadclyst differ for newly converted properties?
Most buyers of new build or newly converted property in Broadclyst contact us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because house builders in Broadclyst usually purchase the site, 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 Broadclyst or who has acted in the same development.
I have been recommended by numerous property agents in Broadclyst to get a quote from a property lawyer using your seach tool. Is there a financial inducement for Estate Agents to promote your site over and above a competitor’s?
We don’t make any financial incentive for pointing buyers and sellers to this site. We found it would be just too difficult a fee as a client could think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.