We are purchasing a 2 bedroom apartment in Shanklin with a mortgage. We have a Shanklin solicitor, however the bank advise he's not on their "panel". It appears that we have no option but to use one of the bank panel solicitors or continue with our Shanklin conveyancer as well as pay for one of their panel lawyers to represent them. This seems very unfair; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Shanklin conveyancing lawyer to apply to be on the conveyancing panel.
I am acquiring a brand new apartment in Shanklin and my conveyancer is advising me that she is duty bound to the lender to reveal incentives from the developer. I am under pressure to exchange and I have no desire to delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
My brother-in-law has suggested I instruct a conveyancing solicitor in Shanklin. I I am struggling to find out whether they are on the TSB approved list of lawyers. Can you help?
The first thing to do is phone your solicitor and enquire if they are on the lender panel. Alternatively you should get in touch with TSB who may be able to confirm.
We are due to move home in October. Should my conveyancing solicitor call the removal company on the completion day. As an aside, can you recommend a removal company in Shanklin. Conveyancing lawyer was organised before I stumbled across your site.
On the day of completion you will need to collect the house keys from the property agent however this can only happen after the sellers solicitors inform the agent that they have the completion monies and the keys can be passed over. You can advise the removal company that they can start moving you in. As a matter of policy we do not suggest a specific removal company but can assist you in finding a residential property solicitor in Shanklin or a lawyer that specialises in conveyancing in Shanklin.
I have decided to exercise my right to buy my property in Shanklin off the council. I have a mortgage offer with TSB. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with TSB, you will need to appoint a solicitor on the TSB conveyancing panel.
The formalities of my remortgage has taken place for my property in Shanklin. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
Most banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Department at head office. We understand that complaints to a lender are resolved very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
I used Wolstenholmes a few years past for my conveyancing in Shanklin. Now, I need the files however cannot find the solicitor. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Shanklin of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am attracted to a two maisonettes in Shanklin which have about forty five years left on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Shanklin. The lease is a right to use the property for a prescribed time frame. As the lease shortens the value of the lease reduces and it becomes more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this area.
I bought a studio flat in Shanklin, conveyancing was carried out December 2011. How much will my lease extension cost? Similar properties in Shanklin with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 per annum. The lease finishes on 21st October 2088
You have 64 years left to run the likely cost is going to range between £14,300 and £16,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure 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. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.