I am buying a garden flat in Ventnor. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Ventnor you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Ventnor.
This question may be naive but I am new to the home moving as FTB of a two bedroom flat in Ventnor. Do I receive the keys to the premises on completion from my lawyer? If this is the case, I will appoint a High Street conveyancing solicitor in Ventnor?
On the day of completion you do not need to go to the conveyancers office in Ventnor. Your solicitors will arrange to send the purchase money to the owner’s conveyancers, and shortly after the monies have arrived, you will be invited to pick up the keys from the selling Agents and start moving into the property. Usually this happens early afternoon.
The mortgage over my property is with Virgin Money for my property in Ventnor. Conveyancing was finalised a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Virgin Money?
Virgin Money must be informed of your intention in advance of renting your property as this is likely to be a breach of Virgin Money’s mortgage conditions. It may be that Virgin Money will allow you to rent 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 Virgin Money directly. It should not be necessary to do this via a Virgin Money conveyancing panel solicitor.
After shopping around on the internet I have found a Ventnor solicitor having made sure that they are on the TSB conveyancing panel. Does my lawyer arrange the survey of the property?
TSB will need an independent valuation of the property. Your lawyer will not arrange this. Usually TSB will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your property lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Ventnor postcode. As you are getting a mortgage with TSB, you could contact them to see if they have a list of approved surveyors in Ventnor.
Various internet forums that I have frequented warn that are the number one cause of hinderance in Ventnor conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances during the legal transfer of property. Searches are unlikely to be the root cause of slowing down conveyancing in Ventnor.
3 months have elapsed following my purchase conveyancing in Ventnor took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I opted to have a survey done on a house in Ventnor in advance of retaining solicitors. I have been informed that there is a flying freehold element to the house. The surveyor has said that some mortgage companies will not issue a mortgage on such a property.
It varies from the lender to lender. HSBC has different requirements from Nationwide. If you contact us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Ventnor. Conveyancing may be slightly more expensive based on your lender's requirements.
What does commercial conveyancing in Ventnor cover?
Ventnor conveyancing for business premises incorporates a broad range of guidance, provided by qualified solicitors, relating to business property. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.