My nephew is about to exchange on a new build apartment in Audley with a home loan from . His lawyer has advised him of 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 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 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 conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
What does my ID and proof of funds have anything to do with my conveyancing in Audley? Is this really necessary?
In order to comply with Money Laundering Regulations any Audley conveyancing firm will require proof of identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility account evidencing where you live.
In accordance with Money Laundering Regulations, conveyancers are required to ascertain not just the identity of conveyancing clients but also the source of the money that they receive in respect of any matter. An unwillingness to disclose this may result in your lawyer terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to inform the appropriate authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
Are there restrictive covenants that are commonly picked up during conveyancing in Audley?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Audley. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I opted to have a survey completed on a property in Audley prior to retaining lawyers. I have been told that there is a flying freehold element to the house. The surveyor has said that some lenders may refuse to issue a mortgage on this type of premises.
It varies from the lender to lender. HSBC has different requirements from Halifax. If you e-mail us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Audley. Conveyancing will be smoother if you use a solicitor in Audley especially if they regularly deal with such properties in Audley.
My cousin has recommend that I use his lawyers for conveyancing in Audley. Should I use them?
No doubt the best way to select a conveyancing practitioner is to seek recommendations from friends or family who have experience in using the solicitor that you are are thinking of instructing.