My son is about to exchange on a newly built flat in Sutton with a home loan from Coventry BS. His conveyancer 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 form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Coventry BS conveyancing panel as a standard part of the process, and to the valuer 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 Coventry BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My Conveyancer in Sutton is not on the National Westminster Bank Approved Panel. Can I still use my prefered solicitor even though they are not on the National Westminster Bank approved list?
Your options are as follows:
- Carry on with your preferred Sutton lawyers but National Westminster Bank will need to use a lawyer on their panel. This will inevitably rack up the total legal charges as well as result in frustration.
- Choose an alternative solicitor to to deal with the conveyancing, obviously checking they are on the National Westminster Bank panel
Forgive me if this question is silly but I am wet behind the ears as a first time buyer of a garden flat in Sutton. Do I receive the keys to the property on completion from my solicitor? If so, I will appoint a High Street conveyancing solicitor in Sutton?
On the day of completion you will not be required to go to the conveyancers office in Sutton. Your solicitors will electronically transfer the completion advance to the vendor’s conveyancers, and shortly after the monies have arrived, you will be able to pick up the keys from the property Agents and move into your new home. Usually this happens early afternoon.
I have a mortgage with Yorkshire BS for my property in Sutton. Conveyancing has been completed 12 months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Yorkshire BS?
Yorkshire BS must be informed of your intention prior to letting out your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. It may be that Yorkshire BS 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 Yorkshire BS directly. You need not do this via a Yorkshire BS conveyancing panel firm.
Nottingham have agreed my mortgage in principle, my offer on a apartment in Sutton has been accepted, what happens next?
The property agent will need to know who your solicitors are (ensure that the lawyers are on the bank’s panel). Contact Nottingham or the broker and finish off any appropriate forms. Nottingham will sellect a valuer who will get in contact with the estate agent or owners to arrange an appointment. Once conducted (assuming no problems) it takes approximately a week to receive the mortgage offer. Nottingham will send the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Sutton.
My husband and I are a fortnight into a residential purchase having been directed to a firm by the selling agent to handle our conveyancing in Sutton. I am am very frustrated with the level of service. Could you you assist me in finding new solicitors?
A solicitor would have to be very bad in order to consider diss instructing them. Has your mortgage been generated? In the event that it has you must advise them of the new contact details and get the offer are re-issued. Your new conveyancer needs to be on the mortgage company approved list to avoid added costs and delays. So that should be your starting point. The search tool should help you find a bank approved solicitor for your home move in Sutton
Do lenders provide you with an approved list of Sutton solicitors? How do you know who is on the mortgage company conveyancing panel?
Sutton law firm practices and firms carrying out conveyancing in Sutton themselves provide us confirmation that they are on the mortgage company conveyancing panel as opposed to being supplied with a list from the bank directly.