I am in the process of selling my ground floor flat in Ventnor and the estate agent has just called to warn that the purchasers are appointing a new law firm. I am told that this is due to the fact that the bank will only deal with solicitors on their conveyancing panel. Why would a big named mortgage company only engage with certain lawyers rather the firm that they want to appoint to handle their conveyancing in Ventnor ?
Banks have always had an approved set of law firms they are content to work with, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lending institutions blame a rise in fraud as the reason for the reduction – 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 buyers are not going to have any impact on this.
Last November we completed a house move in Ventnor. We have since encountered a number of issues with the house which we believe were omitted in the conveyancing searches. What action can we take? Can you clarify the type of searches that needed to have been carried out as part of conveyancing in Ventnor?
The question is not clear as what problems have arisen and if they are relate to conveyancing in Ventnor. Conveyancing searches and due diligence initiated during the buying process are supposed to help avoid problems. As part of the legal transfer of property, the vendor answers a questionnaire known as a SPIF. answers provided is incorrect, you could possibly take legal action against the owner for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Ventnor.
My grandfather passed away six months ago and as sole heir and executor I was left the property in Ventnor. The house had a relatively small loan remaining of approximately £8000. I want to have the title changed into my name whilst I re-mortgage to Bank of Ireland, pay off the mortgage. Is this allowed?
Where you intend to re-mortgage then Bank of Ireland will insist on your using a conveyancer on the Bank of Ireland conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Bank of Ireland conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Bank of Ireland mortgage is registered as a charge at the Land Registry.
My aunt advised me that in buying a property in Ventnor there could be a number of restrictions preventing external alterations to a property. Is this right?
We are aware of a number of properties in Ventnor which have some sort of restriction or requirement of consent to perform external changes. Part of the conveyancing in Ventnor should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
It is not clear whether my bank requires a lease extension. I have telephoned my Ventnor building society branch on a couple of occasions and was advised it wasn't a problem and they will lend. My Ventnor conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend based on their published requirements. I simply don't know who is right.
As long as the conveyancer is on the bank panel, they must follow the CML Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
After months of negotiation I have agreed a price on a house in Ventnor. My mortgage broker pressured me to appoint their conveyancing practitioner. I paid an upfront payment of £200. A few days later, the solicitor called me sheepishly admitting that they were not on the Barclays conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Barclays panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I own a semi-detached Victorian property in Ventnor. Conveyancing practitioner represented me and Britannia. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, another for leasehold with the matching property. I'd like to know for sure, how can I find out??
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Ventnor and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the situation with your conveyancing solicitor who conducted the purchase.
My company is planning to lease a unit on the high street. Can you recommend solicitors offering no-move-no costs for commercial conveyancing in Ventnor for less than £1,200?
We can recommend firms who host a wealth of experience of commercial conveyancing in Ventnor, including the sale and acquisition of businesses as well as simply property. Whether you are intending to acquire or sell a shop, pub, restaurant, office, retail premises or a complete business we will find you the right firm. As for the fees these will vary based on the structure and complexity of the deal. Let us have your details or phone so as to enable us to furnish you with a fixed commercial conveyancing calculation.