My son is in the process of securing a house that has just been built in Littlehampton with a home loan from . His lawyer 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 purchase. Therefore, it will be provided to your son’s lawyer who should be on the 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 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 considering applying for a mortgage for purchase of a new build (under development) in Littlehampton with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for ?
There is nothing to stop you using your solicitor, but will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
How does conveyancing in Littlehampton differ for newly converted properties?
Most buyers of new build or newly converted property in Littlehampton contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is built. This is because builders in Littlehampton typically acquire the real estate, 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 used to new build conveyancing in Littlehampton or who has acted in the same development.
I decided to have a survey carried out on a property in Littlehampton prior to instructing lawyers. I have been informed that there is a flying freehold overhang to the house. The surveyor has said that some mortgage companies tend refuse to grant a mortgage on this type of property.
It varies from the lender to lender. Santander has different instructions for example to Halifax. If you contact us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Littlehampton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Littlehampton to see if the conveyancing costs will increase in light of this.
Should I go with a Littlehampton conveyancing lawyer based in the location that I am purchasing? We have a good friend who can perform the legal formalities but her office is 300kilometers away.
The primary upside of using a high street Littlehampton conveyancing practice is that you can drop in to execute paperwork, hand in your identification documents and apply pressure on them if necessary. Having local Littlehampton know how is a benefit. That being said it's more important to get someone that will do a good and efficient job. If you know people who used your friend and they were happy that must trump using an unknown Littlehampton conveyancing lawyer solely due to them being round the corner.