Completed the sale of my flat in Ventnor last November but the buyer keeps SMS messaging every few hours to moan that their conveyancer needs to hear from mine. What are the post completion sale formalities now that I have sold?
Following your sale your solicitor should deliver the transfer deeds and all supplemental paperwork to the buyer’s solicitors. Depending on the transaction, your solicitor should also confirm that the mortgage has been paid off to the buyers lawyers. There is unlikely to be post completion requirements peculiar conveyancing in Ventnor.
I am buying a semi-detached house 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 mortgage company'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.
I have been told that property searches are a common reason for hinderance in Ventnor house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of slowing down conveyancing in Ventnor.
How does conveyancing in Ventnor differ for newly converted 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 finished. This is because builders in Ventnor tend to 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.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a quick, no chain conveyancing. Ventnor is the location of the property. Can you shed any light on this issue?
Flying freeholds in Ventnor are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ventnor you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ventnor may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Should I be concerned that third parties that I am dealing with are suggesting a nationwide conveyancing firm as opposed to a High Street Ventnor conveyancing practice?
As is the case with many professional services, often input from family and friends can be most helpful. Nevertheless there are lots of parties with a vested interest in a conveyancing matter; estate agents, financial adviser and lenders might all recommend solicitors to instruct. On occasion the conveyancers might be known to one of the organisations as one of the best in their field, but sometimes there might be a financial incentive behind the recommendation. You have the right to appoint your preferred conveyancer. You need to be aware that the majority of lenders have an approved list of conveyancers you are obliged to use for the lender related work in your house move.