Due to complete my purchase in Ventnor next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What risks does the bank expect the insurance to cover?
Any lawyer on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook conditions. These requirements are not unique to conveyancing in Ventnor.
Are the BSA planning on creating a searchable register to to identify law firms on the Melton Mowbray Building Society conveyancing panel for example in Ventnor?
We are not aware of any intention on the part of the BSA to develop such a tool.
We were going to get a AIP from Skipton this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Skipton recommend any Ventnor solicitors on the Skipton conveyancing panel, or is it better to go independently?
You will need to appoint Ventnor solicitors independently although you'll need to choose one on the Skipton conveyancing panel. The solicitor represents both you and Skipton through the process.
I am currently in the process of buying my council flat in Ventnor. I have a mortgage offer with Aldermore. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Aldermore, you will need to appoint a solicitor on the Aldermore conveyancing panel.
I recently had an offer agreed on an apartment in Ventnor. My financial adviser recommended their conveyancers. I paid an advanced payment of £150. Soon after, the lawyer called me sheepishly admitting that they were not on the Lloyds 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 Lloyds 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 have been on the look out for a ground for flat up to £245,000 and found one near me in Ventnor I like with a park and station in the vicinity, the downside is that it's only got 52 remaining years left on the lease. There is not much else in Ventnor in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a home loan the shortness of the lease will be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
I'm refinancing my current house to a buy to let mortgage with Alliance & Leicester and intend to use the remaining equity towards a second house. The neighborhood we are looking at is Ventnor. Will your solicitors be able to act for the two mortgage companies and link together the transactions?
Make use of our search tool on this page to check that the lawyers are on the relevant lender panels. Having checked that they are your conveyancer will be able to simultaneously deal with the two deals but you should talk with you conveyancer and make clear your expectations and requirements.
My fiance is buying a shared ownership flat in Ventnor. He was given a quote by the lawyer connected to the selling agents totaling £1156 . It was 7 years ago since I sold and bought a home and the fee was £500. Have costs really escalated to that extent?
What does the conveyancing estimate include? Is it just for the legal fees, or what you will be paying in total (for instance Ventnor searches, land registry fees, etc)