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Conveyancing in Bembridge : Keep it Local

Logical reasons to use our service to help you select a local conveyancing solicitor in Bembridge

  • 1 On the balance of probabilities the other side’s solicitors are located in Bembridge - if so both parties are likely to be on good working terms
  • 2 Conveyancer conveyancing lawyers have excellent personal links with Bembridge estate agents and work very closely with them and local surveyors so as to ensure transactions proceed expeditiously.
  • 3 Notwithstanding what alternative companies inform you it could be necessary to pop into your conveyancer to sign contracts. There are enough parties involved in a conveyancing transaction without needing to include Royal Mail into the mix.
  • 4 The companies listed on our web pages have a mix of conveyancing solicitors, legal executives and support staff handling thousands of conveyancing matters each year.
  • 5 Personal touch together with pure property local knowledge are key benefits that you should look for when choosing conveyancing solicitors. Bembridge property deals can be made significantly more stressful due to poor communication between all the parties. The lawyers listed strive to make sure that the lines of communication are open and act on arising issues and developments instantly.

Examples of recent conveyancing in Bembridge since February 2024*

Recently asked questions about conveyancing in Bembridge

My partner and I are only a couple days away from an exchange on a house in Bembridge and my mum and dad have sent the ten percent deposit to my lawyer. I am now advised that as the deposit has been sent from someone other than me my lawyer needs to disclose this to my mortgage company. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I disclosed to the mortgage company about my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?

The property lawyer is duty bound to clarify with lender to make sure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.

I have 71 years unexpired on my lease and require a lease extension for my flat in Bembridge. Conveyancing solicitors on the The Mortgage Works panel can deal with such extensions correct?

Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 6/5/2024 the requirements read as follows :

Minimum unexpired lease term is 70 years with 30 years remaining at the end of the mortgage term.
Where the unexpired lease term is different to that recorded on the mortgage offer, the following clarifies if we need to be informed:

Second hand property:
- If the unexpired lease term on the offer is 85 years or more - only advise us if the actual lease term is less than 85 years
- if the unexpired lease term on the offer is less than 85 years – advise us if the actual lease term is different than reported
- For equity share applications - advise us if the actual lease term is different than reported on the offer

New build property:
- If the unexpired lease term stated on the offer is 125 years (flat) / 250 years (house) or more - only advise us if the actual lease term is less than 125 years (flat) / 250 years (house)
- For equity share applications - always advise us if the actual lease term is different than reported on the offer

Lease terms such as ground rent and event fees must be reasonable at all times during the term of the lease and adhere to our requirements below. If you’re unsure as to whether the terms of a lease are unreasonable or onerous, please refer the details to us in plain English for Valuer consideration. If the potentially onerous terms are in relation to the ground rent please include the current ground rent figure per annum, how often it will be reviewed and the price structure it will be reviewed against. See the guidance below.

SECOND HAND PROPERTIES

Unacceptable - advise Issuing Office (Will be declined):
- Unexpired lease term less than 70 years
- Less than 30 years remaining at the end of the mortgage term
- Ground Rent greater than 0.5% of the property value
- Ground Rent doubles less than every 20 years (e.g. doubles every 5, 10 or 15 years) - acceptable if doubles every 20 years or more
- Ground Rent is compounded RPI
- Ground Rent review period less than or equal to 5 years

Refer to Issuing Office (Valuer will consider any impact on valuation figure and marketability):
- Unexpired lease term is 70 to 85 years
- Ground Rent greater than 0.1% and less than or equal to 0.5% of the property value
- Ground Rent escalation is linked to any indices greater than RPI
- Ground Rent escalation is linked to the value of the building*
- Ground Rent review period is greater than 5 and less than 10 years
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial etc
- Estate Rent Charges greater than £500 p/a (please provide details of what the charges cover)
- Service Charges greater than 1.0% of property value p/a (please provide details of what the charges cover)
- Anything that appears onerous, unusual or out of the ordinary

Acceptable (no requirement to advise Issuing Office):
- Unexpired lease term greater than 85 years
- Ground Rent less than or equal to 0.1% of the property value
- Ground Rent review period greater than or equal to 10 years
- Ground Rent escalation less than or equal to RPI

NEW BUILD PROPERTIES (includes office conversions)

Unacceptable - advise Issuing Office (will be declined):
- Unexpired lease term less than 125 years on a new build flat or less than 250 years on a new build house
- Any lease which is subject to a ground rent (or annual rent) being charged which is more than on a peppercorn basis
- Any lease which is subject to a ground rent (or annual rent) being reviewed and altered on any review basis or methodology

Refer to Issuing Office (Valuer will consider any impact on valuation figure and marketability):
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial etc
- Estate Rent Charges greater than £500 p/a (please provide details of what the charges cover)
- Service Charges greater than 1.0% of property value p/a (please provide details of what the charges cover)
- Anything else appears onerous, unusual or out of the ordinary

Acceptable (no requirement to advise Issuing Office):
- Unexpired lease term greater than or equal to 125 years on a new build flat or greater than or equal to 250 years on a new build house
- A lease subject to a peppercorn ground rent (annual rent) charges

For the avoidance of doubt, any new build properties completed but not sold pre 30 June 2022 will only be acceptable if the lease conforms to the above guidance

* Where the Ground Rent escalation is linked to the value of the building, please provide the following:
- How is the value of the block/unit currently calculated and if the assessment relates to the block(s), how is the Ground Rent calculated/apportioned per property?
- The current valuation and Ground Rent for each unit
- What is the mechanism for future valuations of the block and how is the Ground Rent calculated/apportioned?
- What is the right of appeal? And is this a documented process within the lease?
- Who bears the cost of the valuation (and appeal) process?
- Confirmation the review period is not less than twenty years

LEASE EXTENSIONS

We require all lease extensions to be completed under the Leasehold Reform Housing and Urban Development Act 1993 and to meet the above criteria as a minimum. Where you become aware that it does not meet these requirements, please refer to the Issuing Office

What is your number one tip for finding a conveyancing solicitor in Bembridge

Do not opt for the cheapest Bembridge conveyancing fees. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.

I am being told by my lawyer that missing deeds insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Bembridge?

The appropriate level of missing deeds indemnity insurance should be dictated by who your lender. It would differ for example between National Westminster Bank and Skipton Building Society. Conveyancing practitioners as opposed to borrowers take out such policies.

I am due to exchange contracts on my flat. I had a double glazing fitted in July 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Nationwide are being difficult. The Bembridge solicitor who is on the Nationwide conveyancing panel is recommending indemnity insurance as a solution but Nationwide are insisting on a building regulation certificate. Why do Nationwide have a conveyancing panel if they don't accept advice from them?

It is probably the case that Nationwide have referred the matter to their valuer. The reason why Nationwide may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.

Should my lawyer be raising enquiries about flooding during the conveyancing in Bembridge.

Flooding is a growing risk for lawyers dealing with homes in Bembridge. There are those who buy a house in Bembridge, fully expectant that at some time, it may be flooded. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.

Lawyers are not qualified to give advice on flood risk, however there are a number of searches that may be initiated by the purchaser or on a buyer’s behalf which will figure out the risks in Bembridge. The conventional set of completed inquiry forms given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual question of the seller to determine if the premises has ever been flooded. If flooding has previously occurred and is not notified by the seller, then a buyer may issue a compensation claim as a result of such an incorrect reply. A purchaser’s solicitors may also order an environmental search. This should indicate if there is any known flood risk. If so, more detailed investigations will need to be made.

In what way can the Landlord & Tenant Act 1954 impact my commercial premises in Bembridge and how can your lawyers assist?

The 1954 Act affords protection to commercial tenants, giving them the a statutory right to make a request to court for a new tenancy and remain in occupation at the end of the lease term. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Bembridge is one of our numerous areas of the UK in which the firms we work with are based

We expect to complete the sale of our £300,000 maisonette in Bembridge on Monday in a week. The freeholder has quoted £372 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Bembridge?

Bembridge conveyancing on leasehold apartments often requires the purchaser’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to address such questions the majority will be content to assist. They are at liberty to invoice a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some situations it is in excess of £800. The administration charge invoiced by the landlord must be accompanied by a summary of rights and obligations in relation to administration fees, otherwise the invoice is technically not due. In reality you have no choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

I bought a leasehold flat in Bembridge, conveyancing having been completed in 2006. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Bembridge with an extended lease are worth £165,000. The ground rent is £50 charged once a year. The lease expires on 21st October 2101

You have 77 years remaining on your lease we estimate the price of your lease extension to span between £7,600 and £8,800 as well as costs.

The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.

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Sample of conveyancing solicitors in Bembridge regulated by the SRA

It is important to note that the listed firms do not limit their work for conveyancing in Bembridge but also conveyancing throughout England and Wales.

  • Corporate Legal, Wight Stones, Thornton Manor Drive, Ryde, Isle of Wight, PO33 1PQ
  • Rjr Solicitors Limited, 18 Melville Street, Ryde, Isle of Wight, PO33 2AP
  • Lesley A Kemp Solicitor, 2a Sandown Road, Lake, Sandown, Isle of Wight, PO36 9JP
  • Walter Gray & Co Limited, 3-4 St. Thomas Street, Ryde, Isle of Wight, PO33 2ND
  • Merry & Co, 73 Union Street, Ryde, Isle of Wight, PO33 2LN

Commercial Conveyancing solicitors in Bembridge regulated by the SRA

The firms listed below are a non-comprehensive list of solicitors in Bembridge with expertise in commercial conveyancing in Bembridge. This will likely include advice on taking a commercial lease as a tenant
  • Rjr Solicitors Limited, 18 Melville Street, Ryde, Isle of Wight, PO33 2AP
  • Lesley A Kemp Solicitor, 2a Sandown Road, Lake, Sandown, Isle of Wight, PO36 9JP
  • Merry & Co, 73 Union Street, Ryde, Isle of Wight, PO33 2LN

Transfer of Equity conveyancing in Bembridge normally entails the following:

  • Obtaining instructions from parties involved
  • Investigating the title to the property
  • Acting on behalf of the mortgage company (if relevant)
  • Negotiating the terms of the transaction
  • Drawing up Transfer or approving draft Transfer
  • Negotiating amendments to the the Transfer deed
  • Communicating with parties with regards to the Transfer
  • Agreeing and preparing for completion
  • Receiving and releasing monies to relevant parties
  • Completing and submitting to HMRC the correct SDLT forms and payment
  • Dealing with the registration procedures for the transfer of ownership and the home loan (where appropriate) at the HM Land Registry.

*Source acknowledgement: House price data produced by Land Registry as well data supplied by Lexsure Ltd.

© Crown copyright material is reproduced with the permission of Land Registry under delegated authority from the Controller of HMSO.