As a first time buyer what is the most important advice you can give me concerning purchase conveyancing in Ramsgate?
Not many law firms shout this from the rooftops but conveyancing in Ramsgate and elsewhere in Kent is often a confrontational process. Put another way, when it comes to conveyancing there is an abundance of room for confrontation between you and other parties involved in the ownership transfer. For example, the seller, estate agent and sometimes a lender. Appointing a solicitor for your conveyancing in Ramsgate an important selection as your conveyancer is your adviser, and is the ONLY party in the legal process whose interest is to protect your legal interests and to protect you.
Every so often a potential adversary may try and persuade you that it is in your interests to do things their way. For example, the selling agent may claim to be assisting by claiming that your conveyancer is slow. Or your mortgage broker may try to convince you to do something that is against your solicitors advice. You should always trust your lawyer above all other parties in the home moving process.
My fiance and I decided to purchase a 1 bedroom apartment in Ramsgate with a mortgage from Accord Mortgages Ltd.We have a Ramsgate conveyancing practitioner but Accord Mortgages Ltd advised that he's not on their "panel". It seems we have no choice but to instruct a Accord Mortgages Ltd panel firm or retain our local solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
No, not really. The loan offered to you is subject to its terms and conditions, one of which will be that lawyers must be on the Accord Mortgages Ltd conveyancing panel. Until recently, most mortgage companies had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Accord Mortgages Ltd
I have today made my last payment due on my mortgage with Principality. I assume I don't need a Ramsgate conveyancer on the Principality panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Principality 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 Principality mortgage from the register. Principality, 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 Principality has sent the Land Registry the discharge electronically, and
- Principality has instructed the Land Registry to do so
My offer was accepted on a house in Ramsgate on 12/11/2024, valuation was booked 2 days after, all came back fine. Property lawyer retained, so the only thing outstanding was my mortgage offer. Having made daily calls to Skipton and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Skipton conveyancing panel. Are Skipton entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Skipton to deal with your lawyer's application to be on the Skipton conveyancing panel. There's no guarantee that your solicitor will be accepted.
Yorkshire BS have agreed my home loan in principle, my offer on a property in Ramsgate has been agreed to, now what?
Your property agent will wish to know who your solicitors are (ensure that the solicitors are on the bank’s panel). Telephone Yorkshire BS or your broker and finish off any relevant forms. Yorkshire BS will instruct a valuer who will get in contact with the estate agent or owners to book an appointment. Once carried out (assuming no problems) it takes approximately ten days for the mortgage offer to be issued. Yorkshire BS will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Ramsgate.
I have been on the look out for a leasehold apartment up to £245,000 and found one close by in Ramsgate I like with open areas and transport links nearby, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Ramsgate for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a home loan the shortness of the lease may be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
I am a sole trader hoping to lease a unit on the high street. Can you recommend conveyancers offering fixed fees for commercial conveyancing in Ramsgate for under 1500k?
We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in Ramsgate, including the sale and purchase of businesses as well as simply property. Whether you are looking to acquire or lease a shop, pub, restaurant, office, retail premises or a complete business we will put you in touch with the right firm. Regarding the charges this will depend on the structure and nuances of the deal. Please provide us with your contact information or telephone so as to enable us to provide you with a detailed commercial conveyancing calculation.
I am tempted by the attractive purchase price for a two apartments in Ramsgate both have approximately 50 years unexpired on the lease term. should I be concerned?
There are plenty of short leases in Ramsgate. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this field.
I purchased a split level flat in Ramsgate, conveyancing was carried out April 2000. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Ramsgate with an extended lease are worth £185,000. The ground rent is £65 invoiced every year. The lease runs out on 21st October 2084
With just 60 years remaining on your lease we estimate the premium for your lease extension to range between £20,000 and £23,000 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.