Our grandson is in the process of securing a house that has just been built in Portland with a home loan from Bank of Ireland. His conveyancer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 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.
Do conveyancers ask for money on account for my conveyancing in Portland?
Where you are retaining lawyers for conveyancing in Portland your solicitor will request that you put them with monies to cover the search fees. Generally this is asked for to cover the fees of the Local Authority Search. If any deposit is as part of the sale price then this will be needed shortly in advance of contracts are exchanged. The closing balance that is due should be sent to your lawyer shortly before completion.
Should commercial conveyancing searches disclose planned roadworks that could affect a commercial site in Portland?
Its becoming the norm that commercial conveyancing solicitors in Portland will perform a SiteSolutions Highways report as it reduces the time that conveyancers expend in sourcing accurate data on highways that impact buildings and development assets in Portland. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Portland.
For every commercial conveyancing transaction in Portland it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately may cause delays to Portland commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not ordered for residential conveyancing in Portland.
How does conveyancing in Portland differ for newly converted properties?
Most buyers of new build property in Portland approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because developers in Portland 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 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 used to new build conveyancing in Portland or who has acted in the same development.
I see that you have a post code search directory listing solicitors on the mortgage company conveyancing panel. Do Portland conveyancing firms pay you a commission if I appoint them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the bank conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in Portland.