My son is about to exchange on a house that has just been built in Llandeilo with a home loan from Leeds Building Society. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form 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 Leeds Building Society 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 Leeds Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We previously instructed conveyancing lawyers based in Llandeilo on the Yorkshire BS solicitor panel. They have just billed me a separate sum for handling the Yorkshire BS mortgage. Is this a supplemental conveyancing fee specified by Yorkshire BS?
Unfortunately, so long as it is in their Terms of Engagement or estimate then yes your solicitor can charge a fee for this. This fee is not dictated by Yorkshire BS but by your Llandeilo property lawyer. Numerous firms on the Yorkshire BS panel will charge an ‘acting for lender’ fee but some firms include it on their overall fee.
Two weeks ago we had a mortgage agreed in principle with Kent Reliance. Llandeilo conveyancing solicitors were chosen. What is the average time that one could expect to receive a mortgage offer from Kent Reliance?
There is no definitive answer here. Have Kent Reliance conducted the survey? Have you advised Kent Reliance as to your lawyers' details and checked that your lawyers are on the Kent Reliance conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
The mortgage over my property is with RBS for my property in Llandeilo. Conveyancing was finalised months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform RBS?
Your original mortgage agreement with RBS will provide that you need their approval in advance of renting your property as this is likely to be a breach of RBS’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact RBS directly. It should not be necessary to do this via a RBS conveyancing panel lawyer.
Should my solicitor be asking questions regarding flooding during the conveyancing in Llandeilo.
The risk of flooding is if increasing concern for lawyers carrying out conveyancing in Llandeilo. Some people will buy a house in Llandeilo, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, however there are a numerous checks that may be undertaken by the buyer or by their lawyers which can figure out the risks in Llandeilo. The standard information supplied to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the seller to discover if the property has historically flooded. In the event that flooding has previously occurred and is not disclosed by the owner, then a buyer could bring a claim for damages stemming from an misleading answer. The buyer’s solicitors should also commission an environmental search. This should higlight if there is a recorded flood risk. If so, more detailed investigations should be carried out.
How does conveyancing in Llandeilo differ for new build properties?
Most buyers of new build property in Llandeilo contact us having been asked by the seller to sign contracts and commit to the purchase even before the premises is ready to move into. This is because developers in Llandeilo tend to acquire the land, 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 conveyancing solicitors 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 accustomed to new build conveyancing in Llandeilo or who has acted in the same development.
I need to retain a conveyancing solicitor for purchase conveyancing in Llandeilo. I've chance upon a web site which appears to be the perfect offering If there is a chance to get all the legals done via phone that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?