Our grandson is about to exchange on a new build apartment in Holmrook with a home loan from RBS. His solicitor 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 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 RBS 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 RBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
As a FTB what is the most important piece of guidance you can impart regarding purchase conveyancing in Holmrook?
Not many law firms shout this from the rooftops but conveyancing in Holmrook and elsewhere in Cumbria is often a confrontational process. Put another way, when it comes to conveyancing there is plenty of opportunity for friction between you and others involved in the legal transfer of property. For instance, the seller, selling agent and even potentially a mortgage company. Appointing a solicitor for your conveyancing in Holmrook should not be taken lightly as your conveyancer is your adviser, and is the ONE person in the transaction whose responsibility is to act in your legal interests and to protect you.
On occasion a third party with a vested interest may attempt to persuade you that it is in your interests to do things their way. For instance, the estate agent may claim to be helping by claiming that your conveyancer is slow. Or your mortgage broker may tell you to do take action that is contrary to your lawyers recommendation. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
I am purchasing my first flat in Holmrook with a loan from Santander. The builders would not reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent told me not reveal to my lawyer about the side-deal as it will adversely affect my loan with the bank. Do I keep my lawyer in the dark?.
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.
I am four weeks into a leasehold purchase having been recommend to solicitors by the selling agent to carry out the conveyancing in Holmrook. We are not happy. Can you help me find new conveyancers?
They would need to be really poor in order to consider diss instructing them. Has the mortgage offer been issued? If so you will need to make them aware of the replacement solicitor and have the mortgage documents are re-sent. Your new conveyancer should be on the mortgage company panel to avoid added fees and frustration. So that should be your starting point. Our search tool will assist you in finding a lender approved lawyer for your home move in Holmrook
When it comes to my conveyancing in Holmrook should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Holmrook conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancer's time in submitting the funds this way.