My grandson is about to exchange on a new build apartment in Poundbury with a home loan from Kent Reliance. 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 form 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 Kent Reliance 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 Kent Reliance conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
As someone not used to the Poundbury conveyancing process what’s the number one tip you can give me concerning the ownership transfer in Poundbury
You may not hear this from too many lawyers but conveyancing in Poundbury and elsewhere in Dorset is often a confrontational experience. Put another way, when it comes to conveyancing there is an abundance of opportunity for friction between you and other parties involved in the ownership transfer. For example, the seller, estate agent and on occasion the bank. Selecting a solicitor for your conveyancing in Poundbury should not be taken lightly as your conveyancer is your adviser, and is the SOLE person in the transaction whose responsibility is to protect your best interests and to keep you safe.
We are witnessing a worrying ongoing adversarial element to conveyancing- someone must be at fault for the process being so protracted. We recommend that you should always trust your lawyer ahead of the other parties in the conveyancing process.
My wife and I are buying a house in Poundbury. I might seem paranoid but how we can trust a conveyancer? On the day of competition we will need to put our life savings into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
My bid for a property was accepted at auction in Poundbury. Conveyancing is needed. What is next?
Given that you are now for all intents and purposes signed on the dotted line you will need to choose a conveyancing lawyer soon as you now have a pending a drop dead date to complete the purchase. All auction property should have a bespoke legal pack. This will likely include most,if not all of the paperwork that your lawyer requires. In the case of leasehold property the conveyancing papers should provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation pertinent to a leasehold property. You must hand this to the conveyancer instructed by you at the earliest opportunity. Do make sure that your finances are organised to complete on the on the contractual date .
We previously chose solicitors locally in Poundbury on the Barclays solicitor approved list. They have just billed me a supplemental fee for dealing with the Barclays mortgage. Is this a supplemental conveyancing fee set by Barclays?
As unfair as it may appear, as long as it’s in their Terms of Engagement or estimate then yes your lawyer may charge a fee for this. This charge is not dictated by Barclays but by your Poundbury solicitor. Some firms on the Barclays panel will charge an ‘acting for lender’ fee but some practices incorporate it on their overall fee.
4 months have elapsed since my purchase conveyancing in Poundbury took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a leasehold apartment up to £305k and found one near me in Poundbury I like with open areas and station nearby, the downside is that it only has 51 years on the lease. I can't really find anything else in Poundbury suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.