We were just about to exchange contracts for a property in Shanklin. We have hit a snag. Our loan offer with Alliance & Leicester expires on 26/1/2023 but the sellers are putting forward a completion date of 30/1/2023. Is it possible to prolong the mortgage expiry date?
The best person to address this issue is your conveyancer who should calculate if they better off negotiating with the bank, owner’s representatives, estate agents or conceivably all three based on what has happend in your house move to date.
My bid for a property was accepted at auction in Shanklin. Conveyancing is required. What are my next steps?
Now that you are legally bound yourself to purchase you should instruct a conveyancing solicitor quickly as you will have a pending a drop dead date to complete the purchase. All auction property will have a corresponding auction set of papers. This will likely include evidence of title and search results. Where you are dealing with leasehold premises the legal pack should provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation pertinent to leasehold premises. You must give this to the solicitor working for you ASAP. Do make sure that your finances are in place to complete on the date specified in the contract.
This question may be naive but I am new to the home buying as a first time purchaser of a garden flat in Shanklin. Do I receive the keys to the property on the completion date from my conveyancer? If this is the case, I will appoint a local conveyancing solicitor in Shanklin?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will transfer the purchase money to the vendor’s conveyancers, and once they have received this, you should be called to collect the keys from the Estate Agents and start moving into the property. Usually this occurs between 1 and 3pm.
I am due to exchange contracts on my flat. I had a double glazing fitted in March 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Lloyds are being difficult. The Shanklin solicitor who is on the Lloyds conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Lloyds are insisting on a building regulation certificate. Why do Lloyds have a conveyancing panel if they don't accept advice from them?
It is probably the case that Lloyds have referred the matter to their valuer. The reason why Lloyds 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 conveyancer be asking questions concerning flooding as part of the conveyancing in Shanklin.
The risk of flooding is if increasing concern for solicitors conducting conveyancing in Shanklin. Some people will purchase a property in Shanklin, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, however there are a number of searches that may be carried out by the buyer or on a buyer’s behalf which can give them a better understanding of the risks in Shanklin. The standard information sent to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the owner to discover whether the property has suffered from flooding. In the event that flooding has previously occurred and is not disclosed by the owner, then a purchaser could issue a claim for damages as a result of such an incorrect answer. The buyer’s conveyancers should also carry out an environmental report. This will disclose whether there is any known flood risk. If so, additional inquiries will need to be made.
I moved into my home on 1 April and the transaction details is yet to be on the land registry website. Need I be worried? My conveyancing solicitor in Shanklin expressed confidence that it would be registered in a couple of weeks. Are properties in Shanklin uniquely lengthy to register?
As far as conveyancing in Shanklin is concerned, registration is no quicker or slower than anywhere else in England and Wales. Rather than based on location, timeframes can adjust according to the party submitting the application, whether it is in order and if the Land registry have to notify any 3rd parties. At present roughly three quarters of submission are fully addressed within two weeks but occasionally there can be extensive hold-ups. Registration occurs after the purchaser has moved in to the property so an expedited registration is not usually an essential issue but if there is a degree of urgency associated with the registration then you or your solicitor should contact the land registry and explain the circumstances.
Due to the encouragement of my in-laws I had a survey completed on a property in Shanklin prior to instructing solicitors. I have been told that there is a flying freehold element to the property. The surveyor has said that some banks tend not issue a loan on this type of home.
It depends who your proposed lender is. HSBC has different requirements for example to Nationwide. Should you wish to telephone us we can look into this further via 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 Shanklin. Conveyancing will be smoother if you use a solicitor in Shanklin especially if they are accustomed to such properties in Shanklin.
Can you offer any advice when it comes to finding a Shanklin conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Shanklin conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Shanklin conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be useful:
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What volume of lease extensions has the firm completed in Shanklin in the last twenty four months? Can they put you in touch with clients in Shanklin who can give a testimonial?
Shanklin Conveyancing for Leasehold Flats - A selection of Queries before Purchasing
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Are there any major works in the near future that will likely increase the maintenance charges? On the whole the outlay for major works are not wrapped into the service charges, although some managing agents in Shanklin ask leasehold owners to contribute towards a reserve fund created for the specific purpose of building a fund for larger repairs or maintenance. It is important to be aware if changing the roof or some other major work is anticipated that will be shared between the tenants and will dramatically impact the level of the maintenance fees or necessitate a specific payment.