My nephew is purchasing a newly built flat in Dursley with a home loan from Lloyds. His lawyer has said that there is a delay in completing 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 transaction. Therefore, it will be provided to your son’s lawyer who should be on the Lloyds 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 Lloyds conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
As I am unsure how the conveyancing bit works what is the most important number one tip you can give me about purchase conveyancing in Dursley?
Not many law firms shout this from the rooftops but conveyancing in Dursley and elsewhere in Gloucestershire is an adversarial process. In other words, when it comes to conveyancing there is lots of room for friction between you and others involved in the ownership transfer. For example, the vendor, property agent and sometimes your mortgage company. Choosing a solicitor for your conveyancing in Dursley is a critical decision as your conveyancer is your adviser, and is the ONLY party in the process whose role it is to act in your legal interests and to keep you safe.
On occasion a potential adversary will attempt to sway you that it is in your interests to do things their way. For instance, the selling agent may claim to be helping by claiming that your conveyancer is dragging his heels. Or your financial adviser may try to convince you to do take action that is against your lawyers advice. You should always trust your lawyer above all other parties in the home moving process.
The deeds to our home are lost. The solicitors who handled the conveyancing in Dursley 10 years ago have long since closed. What are my next steps?
In today’s world there are duplicates made of almost everything, and your conveyancer should know precisely where to look for all the relevant documentation so you may buy or dispose of your property without any difficulty. If duplicates are not available, your lawyer can arrange cover in the form of insurance or indemnities protecting you against future claims on the premises.
I decided to have a survey completed on a house in Dursley before appointing solicitors. I have been informed that there is a flying freehold aspect to the property. The surveyor advised that some lenders tend refuse to give a mortgage on a flying freehold property.
It depends who your proposed lender is. Lloyds has different instructions from Halifax. Should you wish to call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Dursley. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Dursley to see if the conveyancing costs will increase in light of this.
At what stage do I pay stamp duty chargeable for my Dursley flat purchase?
Most property lawyers will fill out a Land Transaction Return Form on your behalf during your Dursley purchase transaction for you to sign. After completion your conveyancing practitioner will submit your Land Transaction Return Form to the Tax Authorities and - assuming they have the funds - pay any land tax payable on your behalf.