I am in the process of selling my apartment in Ventnor and the estate agent has just called to warn that the purchasers are switching property lawyer. I am told that this is due to the fact that the lender will only work with solicitors on their approved list. On what basis would a major mortgage company only work with certain lawyers rather the firm that they want to select for their conveyancing in Ventnor ?
Lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks blame a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms 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 buyers are not going to have any sway in the decision.
My wife and I are close to exchanging contracts on the sale of our house in Ventnor and according to the buyers it appears that there is a risk of it being built on contaminated land. A local conveyancer would know that there is no such problem. For the life of me I don't know why the purchasers are using a nationwide conveyancing practice rather than a conveyancing solicitor in Ventnor. Having lived in Ventnor for six years we know that this is a non issue. Should we get in touch with our local Authority to get clarification that the buyers are looking for.
It would appear that you have a conveyancing solicitor already. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
The estate agent has sent us the confirmation of our purchase of a new build flat in Ventnor. Conveyancing is daunting 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 conveyancing.
Set out below are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Ventnor
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Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please confirm the Lease plans are architect prepared.
I am looking for a flat up to £235,500 and found one near me in Ventnor I like with open areas and transport links in the vicinity, the downside is that it only has 61 years unexpired on the lease. There is not much else in Ventnor suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
How can the Landlord & Tenant Act 1954 impact my business offices in Ventnor and how can your lawyers assist?
The particular law that you refer to gives protection to commercial tenants, granting the right to apply to court for a renewal tenancy and continue in occupation at the end of the lease term. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Ventnor is one of our many areas of the UK in which the firms we work with are based
My husband and I are disposing of a Ventnor flat left to us seven years ago in 2009. I have over 15 years conveyancing know-how and, now retired, see no reason not to do the conveyancing. The purchaser's property lawyer has informed me that their building society will not allow you to do your own conveyancing mandating that the funds to be passed via a solicitor's bank account.
Lending requirements to property lawyers from all mainstream lenders specify that If the seller is not legally represented the buyer’s lawyers should check whether the bank needs to be told so that a decision can be made if they are willing to proceed.