My house in Shanklin is up for sale and I have a purchaser. Will my property lawyer need to be on the HSBC conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the HSBC conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently at the moment.
I happen to be the sole recipient of my late father’s estate with all property in now in my sole name, including the house in Shanklin. Conveyancing formalities meant that the Land Registry date was in October. I now wish to sell up. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my proprietorship may be treated the same way as though I had purchased the property in October. Is the property unsalable for six months?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. How sensible a view banks take of it, depend on the bank as this provision primarily exists to pick up on subsales or the quick reselling of properties.
Is it the case that all Shanklin CQS (Conveyancing Quality Scheme) solicitors are on the Virgin Money conveyancing panel?
It is true that some banks and building societies now use CQS as the starting point for Panel membership such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of firms.
I had a mortgage agreed in principle with Aldermore. Shanklin conveyancing lawyers are appointed. What is the average time that one could expect to receive a mortgage offer from Aldermore?
There is no definitive answer here. Have Aldermore conducted the valuation? Have you advised Aldermore as to your lawyers' details and checked that your lawyers are on the Aldermore conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
My colleague recommended that where I am buying in Shanklin I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes quoted for as part of the standard Shanklin conveyancing searches. It is a large report of about 40 pages, listing and detailing significant information about Shanklin around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Shanklin Education with maps and statistics, Local Amenities and other useful data concerning Shanklin.
How does conveyancing in Shanklin differ for new build properties?
Most buyers of new build property in Shanklin contact us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is finished. This is because house builders in Shanklin tend to purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Shanklin or who has acted in the same development.
In my capacity as executor for the will of my aunt I am disposing of a property in Monmouth but live in Shanklin. My lawyer (based 300 miles awayneeds me to sign a statutory declaration ahead of completion. Could you suggest a conveyancing solicitor in Shanklin who can witness this legal document for me?
Technically speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Normally any notary public or qualified solicitor will be fine regardless of whether they are Shanklin based
Can you provide any top tips for leasehold conveyancing in Shanklin from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Shanklin can be avoided if you appoint lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ solicitors. In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Shanklin state that internal structural alterations or installing wooden flooring calls for a licence from the Landlord consenting to such works. Should you dont have the consents in place you should not contact the landlord without contacting your lawyer first. The majority of landlords or Management Companies in Shanklin charge for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Shanklin. Some Shanklin leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. If there is a history of conflict with your landlord or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is unresolved. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic as opposed to ongoing.
Leasehold Conveyancing in Shanklin - A selection of Questions you should ask Prior to buying
Is anyone aware of any major works in the near future that will add a premium to the service charges? The prefered form of lease structure is a share of the freehold. In this situation the lessees benefit from being in charge if their destiny and even though a managing agent is often employed if the building is larger than a house conversion, the managing agent acts for the leaseholders themselves. How many of the leaseholders are in arrears for their maintenance charge payments?