Our son-in-law is in the process of securing a newly built flat in Mountain Ash with a mortgage from Skipton. His solicitor has said that there is a delay in receiving 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 involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Skipton 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 Skipton conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My grandmother passed away 10 months ago and as sole heir and executor I was left the house in Mountain Ash. The house had a relatively small loan left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to Coventry BS, pay off the mortgage. Is this allowed?
If you intend to refinance then Coventry BS will require that you use a conveyancer on the Coventry BS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Coventry BS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Coventry BS mortgage is registered as a charge at the Land Registry.
How does conveyancing in Mountain Ash differ for newly converted properties?
Most buyers of new build property in Mountain Ash approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is constructed. This is because developers in Mountain Ash tend to purchase the real estate, 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 property lawyers 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 used to new build conveyancing in Mountain Ash or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on a fortnight ago in what should have been a quick, chain free conveyancing. Mountain Ash is where the house is located. Can you offer any assistance?
Flying freeholds in Mountain Ash are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Mountain Ash you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Mountain Ash may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
We are 14 days into a residential purchase having been directed to solicitors by the selling agent to execute conveyancing in Mountain Ash. I am am extremely frustrated with the level of service. Can you you assist me in finding new conveyancers?
They would have to be really bad in order to consider changing them. Has your mortgage been generated? If so you must inform them of the new conveyancer and get the loan are re-sent. Your conveyancer needs to be on the mortgage company panel to avoid escalating fees and delays. So that should be your starting point. The search tool should assist you in finding a lender approved conveyancer for your conveyancing in Mountain Ash