I am nearing exchange of contracts for my house in Ventnor and the EA has just e-mailed to advise that the buyers are appointing a new law firm. I am told that this is due to the fact that the mortgage company will only work with solicitors on their approved list. Why would a leading mortgage company only deal with specific lawyers rather the firm that they want to select for their conveyancing in Ventnor ?
Banks have always had an approved set of law firms they are content to work with, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lending institutions point to the increase in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any impact on this.
Can you suggest a The Mortgage Works accepted Ventnor conveyancing solicitor who can have us moved in within less than a month? Would it be better to use a local Ventnor solicitor or a web based firm?
We would be happy to suggest some excellent Ventnor conveyancing firms. You can also walk up the high street in Ventnor. Go in to a couple of firms and ask to speak with a conveyancing solicitor for a fee estimate. Mention your expectations together with the reasons and ask for a commitment on your deadline. Select the lawyer that genuine.
I am planning to move property in November. Will my conveyancing solicitor update the removal company on the day of completion. Incidentally, can you suggest a removal company in Ventnor. Conveyancing firm was found before I stumbled across your page.
On the day of completion you can collect the house keys from your selling agent however this should only be done once the vendors lawyers confirm to the agent that the monies to complete are in and the keys can be collected. You will need to inform the removal men that they can start moving you in. We do not recommend a particular removal organisation but can help you choose a conveyancing in Ventnor or a legal practice with expertise in conveyancing in Ventnor.
When it comes to lenders such as Santander, do Ventnor property lawyers face a yearly amount to be on the conveyancing panel?
We are unaware of any bank fees to register on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
I currently have a mortgage with Lloyds for my property in Ventnor. Conveyancing was finalised 12 months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Lloyds?
Your original mortgage agreement with Lloyds will provide that you need their approval in advance of renting your property as this is likely to be a breach of Lloyds’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Lloyds directly. You need not do this via a Lloyds conveyancing panel firm.
I used Wolstenholmes a few years past for my conveyancing in Ventnor. Now, I need my files however cannot find the solicitor. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to help locate 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 Ventnor of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Ventnor differ for new build properties?
Most buyers of new build premises in Ventnor contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is ready to move into. This is because house builders in Ventnor usually buy 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 Ventnor or who has acted in the same development.
In what way does the Landlord & Tenant Act 1954 impact my commercial property in Ventnor and how can your lawyers assist?
The 1954 Act provides protection to commercial tenants, giving them the a statutory right to make a request to court for a continuation of occupancy when the lease comes to an end. There are limited grounds that a landlord can refuse a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Ventnor is one of our many locations in which our lawyers are based