My partner and I are intent on buying an apartment in Ryde. My Solicitor has never been on on the bank approved list. Am I still permitted to continue with my Ryde conveyancing solicitor even though they are not on the mortgage company approved list?
Various options include
- Proceed with your existing Ryde lawyer but your mortgage company will no doubt use a conveyancer from their approved list. The net result is additional fees together with probable delay.
- Get a new conveyancing practitioner to conduct the conveyancing, obviously checking they are on the mortgage company conveyancing panel.
- Convince your conveyancing practitioner to do everything possible to get listed on the bank’s panel of solicitors
We are purchasing a house in Ryde. It might be a silly question but how we can trust a solicitor? At some point we will need to send funds into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Can I be sure that the Ryde conveyancing solicitor on the Co-operative panel is any good?
When it comes to conveyancing in Ryde obtaining recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always suggest that you speak with the solicitor handling your transaction.
My fiancee and I are spending time looking at flats in Ryde and I am about to put in an offer. Is it too early to have a solicitor in place? I will be getting a home loan with Coventry BS.
You should start requesting conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the selling agent. As you are seeking a mortgage with Coventry BS, make sure you remember to check that your lawyer is on the Coventry BS conveyancing panel.
What will a local search tell me concerning the property my wife and I purchasing in Ryde?
Ryde conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search company for instance Xpress Legal The local search plays an important part in many a Ryde conveyancing purchase; as long as you wish to avoid any nasty surprises after you move into your new home. The search should provide data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject headings.
Just had an offer accepted on a new build flat in Ryde. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Ryde
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. There must be mutual enforceability of lessee’s covenants. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I decided to have a survey done on a house in Ryde prior to instructing lawyers. I have been advised that there is a flying freehold element to the house. Our surveyor has said that some banks may refuse to give a loan on such a house.
It depends who your proposed lender is. Santander has different instructions for example to Halifax. If you contact us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Ryde. Conveyancing may be slightly more expensive based on your lender's requirements.
Last May I purchased a leasehold flat in Ryde. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I own a 2 bed flat in Ryde, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar properties in Ryde with over 90 years remaining are worth £185,000. The average or mid-range amount of ground rent is £65 levied per year. The lease comes to an end on 21st October 2082
With only 60 years remaining on your lease we estimate the premium for your lease extension to be between £20,000 and £23,000 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.