Am I correct in assuming that the fact that my solicitor in Godshill is not identified on my bank's solicitor panel that there is a problem with the standard of the firm’s work?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. Just recently a report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Godshill conveyancing practice and enquire why they are no longer on the approved list for your mortgage company.
My son-in-law is buying a newly built flat in Godshill with a mortgage from Coventry BS. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Coventry BS conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Coventry BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
What is the first thing I need to know concerning purchase conveyancing in Godshill?
You may not hear this from too many lawyers but conveyancing in Godshill or throughout Isle Of Wight is often a confrontational experience. Put another way, when it comes to conveyancing there is lots of room for confrontation between you and other parties involved in the house moving process. E.g., the vendor, property agent and on occasion the lender. Appointing a law firm for your conveyancing in Godshill is a critical decision as your conveyancer is your adviser, and is the SOLE person in the legal process whose responsibility is to act in your legal interests and to keep you safe.
We are witnessing a definite creep in the "blame" culture- someone must be at fault for the process being so protracted. You your first instinct should be to trust your lawyer ahead of all other players in the conveyancing process.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one near me in Godshill I like with amenity areas and railway links in the vicinity, however it's only got 52 remaining years left on the lease. I can't really find anything else in Godshill in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
Are there any apps to help locate a Godshill law firm on the Barclays conveyancing panel? I have a car and am happy to travel upto 25kilometers to meet the conveyancer.
Feel free to make use of the tool on this page. Please select a lender and your location and you will see a number of Godshill conveyancing lawyers locally. We have detailed some Godshill conveyancing firms towards the end of this page and you can call them to verify if they are on the Barclays member panel
Do you have any advice for leasehold conveyancing in Godshill from the perspective of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Godshill can be avoided where you instruct lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information which will be required by the purchasers’ solicitors. If you are supposed to have a share in the freehold, you should make sure that you hold the original share document. Arranging a new share certificate is often a time consuming process and frustrates many a Godshill home move. If a new share certificate is required, do contact the company officers or managing agents (if applicable) for this at the earliest opportunity. If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Godshill leases often stipulate that internal structural alterations or addition of wooden flooring necessitate a licence from the Landlord acquiescing to such alterations. Where you dont have the paperwork in place you should not communicate with the landlord without contacting your conveyancer before hand. The majority of landlords or Management Companies in Godshill charge for providing management packs for a leasehold home. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Godshill.
I purchased a 1st floor flat in Godshill, conveyancing was carried out November 2010. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Godshill with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £65 levied per year. The lease ends on 21st October 2084
With 59 years unexpired we estimate the premium for your lease extension to range between £20,900 and £24,200 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.