Our nephew is about to exchange on a house that has just been built in Hedge End with a home loan from UBS. His lawyer 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 purchase. Therefore, it will be provided to your son’s lawyer who should be on the UBS 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 UBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.

Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Hedge End. My lender is The Mortgage Works

The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 4/11/2024, the requirements read as follows :

I am purchasing a new build house in Hedge End with a loan from HSBC Bank. The builders refused to reduce the price so I negotiated five thousand pounds worth of additionals instead. The sale representative suggested that I not to tell my solicitor about the side-deal as it could 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 developer 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've recently bought a leasehold property in Hedge End. Am I liable to pay service charges for periods before my ownership?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Hedge End Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to buying

Are any of leasehold owners in dispute over their service charge liability? It would be prudent to discover as much as possible about the managing agents as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to every day matters like the upkeep of the common parts. Ask prospective neighbours what they think of them. In conclusion, investigate as to the dates that the service charges are due to the managing agents and specifically how they are spending the funds.

When it comes to my conveyancing in Hedge End 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 Hedge End conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancing practitioner's time in submitting the funds this way.