We had selected solicitors based in Carisbrooke on the UBS solicitor approved list. They are now charging me a further sum for dealing with the UBS mortgage. Is this a supplemental conveyancing fee set by UBS?
Unfortunately, as long as it is in their Terms and Conditions or estimate then yes your conveyancing practitioner can charge a fee for this. This fee is not dictated by UBS but by your Carisbrooke lawyer. Some firms on the UBS panel will quote an ‘acting for lender’ fee but many firms incorporate it on their overall fee.
We expect to receive a AIP from UBS this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do UBS recommend any Carisbrooke solicitors on the UBS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Carisbrooke solicitors independently although you'll need to choose one on the UBS conveyancing panel. The solicitor represents both you and UBS through the process.
I have today made my last payment due on my mortgage with Coventry BS. I assume I don't need a Carisbrooke conveyancing practitioner on the Coventry BS panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Coventry BS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Coventry BS mortgage from the register. Coventry BS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Coventry BS has sent the Land Registry the discharge electronically, and
- Coventry BS has instructed the Land Registry to do so
How does conveyancing in Carisbrooke differ for newly converted properties?
Most buyers of new build residence in Carisbrooke contact us having been asked by the builder to sign contracts and commit to the purchase even before the property is finished. This is because new home sellers in Carisbrooke tend to acquire the land, 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 conveyancing solicitors 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 Carisbrooke or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I have offered on last month in what should have been a quick, chain free conveyancing. Carisbrooke is where the house is located. Can you offer any opinion?
Flying freeholds in Carisbrooke are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Carisbrooke you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Carisbrooke may ascertain 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 premises.
Should I use a Carisbrooke conveyancing practitioner based in the area that I am buying? We have a good friend who can execute the conveyancing but her office is approximately 350kilometers away.
The primary upside of using a high street Carisbrooke conveyancing firm is that you can attend the office to execute paperwork, present your identification documents and apply pressure on them where appropriate. Having local Carisbrooke know how is a benefit. That being said nothing is more important than finding someone that will do a good and efficient job. If you know people who used your friend and the majority were impressed that should surpass using an unknown Carisbrooke conveyancing lawyer solely due to them being based in the area.
Having had my offer accepted I require leasehold conveyancing in Carisbrooke. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Carisbrooke - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am the registered owner of a split level flat in Carisbrooke, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Carisbrooke with over 90 years remaining are worth £191,000. The average or mid-range amount of ground rent is £55 per annum. The lease runs out on 21st October 2079
With just 54 years remaining on your lease we estimate the premium for your lease extension to range between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
My nephew is just in the process of moving home, he had his mortgage in principle. When the seller agreed the offer on the flat we called the mortgage company to go forward with his. We were shocked to discover that mortgage companies do not accept all solicitor, they must be on their panel, is this right?
Lenders tend to restrict either the type or the number of conveyancing firms on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Carisbrooke solicitor on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.