My son is in the process of securing a house that has just been built in Brynford with a home loan from Bank of Ireland. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Bank of Ireland 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 Bank of Ireland conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I'm the sole beneficiary of my late father’s estate and I have everything in my name alone, including the house in Brynford. The Brynford property was put into my name in December. I plan to dispose of the property. I understand that there is a CML 6 month 'rule', which means that my proprietorship could be considered the same way as though I had purchased the house in December. Do I have to wait 6 months to sell?
The CML handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. many lenders would take a sensible view as this requirement primarily exists to identify subsales or the flipping of property.
Does a directory service exist listing Nottingham panel conveyancers in Brynford on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such tool on the CML or Building Society Association websites. Very few banks make their panel listings available on the web. Where you are in need of a Brynford solicitor on the Nottingham please use our tool.
Virgin Money have agreed my home loan in principle, my offer on a house in Brynford has been accepted, what happens next?
Your estate agent will want to know who your solicitors are (ensure that the solicitors are on the lender’s approved list). Contact Virgin Money or your broker and finish off any outstanding forms. Virgin Money will sellect a valuer who will get in touch with the estate agent or vendor to schedule an appointment. Once conducted (assuming no problems) it takes approximately a fortnight to receive the mortgage offer. Virgin Money will issue the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Brynford.
My relative suggested that if I am buying in Brynford I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally quoted for as part of the standard Brynford conveyancing searches. It is not a small document of about 40 pages, listing and setting out important information about Brynford around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with plans and statistics, Local Amenities and other useful data about Brynford.
I have been on the look out for a ground for flat up to £195,000 and found one near me in Brynford I like with amenity areas and transport links in the vicinity, the downside is that it's only got 49 years unexpired on the lease. There is not much else in Brynford for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan the remaining unexpired lease term will likely be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
I'm refinancing my primary property to a BTL mortgage with Santander and intend to use the remaining equity as a deposit on another property. The location we are looking at is Brynford. Will your solicitors be able to act for both sets of mortgage companies and link together the two deals?
Make use of our search tool on this site to be sure that the lawyers are approved by both banks. On the basis that they are your conveyancer will be able to tie up the two transactions but you should have a chat with you lawyer and communicate your desired outcome and requirements.