Our nephew is about to exchange on a new build apartment in Stonehouse with a home loan from . His solicitor has advised him of a delay in completing 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 engaged 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 surveyor 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.

We see that you have a post code search directory identifying firms on the conveyancing panel. Do firms pay you a commission if I instruct them for our own conveyancing in Stonehouse?

We are a listing service only for law firms wishing to communicate if they are on the conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Stonehouse.

I'm buying my first flat in Stonehouse with a loan from . The builders would not budge the price so I negotiated £7000 of additionals instead. The estate agent suggested that I not to tell my solicitor about this deal as it would adversely affect my loan with the lender. Do I keep my lawyer in the dark?.

All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.

Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.

Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.

I am looking into buying my first house which is in Stonehouse and I am already nervous. I couldn't find anything specific about Stonehouse. Conveyancing will be needed in due course but do you know about the Stonehouse area? or perhaps some other tips you can share?

Rather than looking online forget looking online you should go and have a look at Stonehouse. In the meantime here are some basic statistics that we found

I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently been informed that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Stonehouse. Conveyancing advisers have are soon to be appointed. Will they explain the issues?

Most houses in Stonehouse are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Stonehouse in which case you should be shopping around for a Stonehouse conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’spermission to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your solicitor should report to you on the legal implications.

Leasehold Conveyancing in Stonehouse - Sample of Queries Prior to Purchasing

What is the service charge and ground rent on the property? If a Stonehouse lease has less than 80 years it will affect the value of the flat. Check with your lender that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of how much this will be. For most Stonehouselease extensions you will be required to have owned the premises for 24 months in order to be legally able to carry out a lease extension. It would be wise to find out as much as you can regarding the managing agents as they will affect your use and enjoyment of the property. As the owner of a leasehold property you will be at the mercy of the managing agents both financially and when it comes to practical issues like the tidiness of the common parts. Don't be afraid to ask other people whether they are happy with them. In conclusion, be sure you discover the dates that the maintenance fees are due to the managing agents and specifically what it includes.