Our son is buying a house that has just been built in Sowerby Bridge with a mortgage from Nottingham. His lawyer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
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 Nottingham 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 Nottingham conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We're in Sowerby Bridge, First timers purchasing with a mortgage (lender is Virgin Money , and our lawyer is on the Virgin Money conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Virgin Money conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Over the last few months I have been searching for a flat up to £235,500 and found one round the corner in Sowerby Bridge I like with open areas and transport links in the vicinity, the downside is that it only has 49 years on the lease. I can't really find anything else in Sowerby Bridge suitable, so just wondered if I would be making a grave error acquiring a short lease?
If you need a home loan the shortness of the lease will be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
How do I use the search app to locate a conveyancing solicitor in Sowerby Bridge on the panel for my mortgage?
1st select a lender such as Nationwide Building Society, Barnsley Building Society or TSB then type in your preferred area a common one being Sowerby Bridge. Conveyancing practices in Sowerby Bridge and nationally should be shown.
My wife and I have chosen a Sowerby Bridge conveyancing solicitor for our home move (first time buyers) and have picked up in the engagement letter that they are not regulated by the Financial Conduct Authority. Need I be worried or is that standard with solicitor?
We can't see why they should be. Most property lawyer don't lend money. They should be governed by the Solicitors Regulation Authority, who dictate stringent rules regulating monies held on client account.