I am considering applying for a Leeds Building Society mortgage for purchase of a newly converted (under development) in Shanklin with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Leeds Building Society ?
There is nothing to stop you using your solicitor, but Leeds Building Society will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Various internet forums that I have frequented warn that are the number one cause of stalling in Shanklin conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not figure within the common causes of hindrances during the legal transfer of property. Local searches are not likely to feature in any slowing down conveyancing in Shanklin.
I am buying a new build flat in Shanklin. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Shanklin
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Forfeiture - bankruptcy or liquidation must not apply under this provision. There must be mutual enforceability of lessee’s covenants. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Please confirm the Lease plans are architect prepared.
Taking into account that I am about to spend over three hundred thousand on a garden flat in Shanklin I wish to have a conversation with the conveyancer about myhome move prior to appointing the firm. Is this something that you can arrange?
This is something that we encourage - we would be pleased to talk to you we do not take any clients on without you liaising with the solicitor who will be doing your conveyancing in Shanklin.There is no ‘factory style conveyancing’ - every client is unique person, not a file reference. The solicitors that we put you in touch with believe that the fees you are provided with for your conveyancing in Shanklin should be the amount on the final invoice that you end up paying.
I've recently bought a leasehold flat in Shanklin. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I own a ground floor flat in Shanklin, conveyancing was carried out March 2009. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Shanklin with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 levied per year. The lease runs out on 21st October 2089
With 64 years left to run the likely cost is going to span between £14,300 and £16,400 plus legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.
How much experience do your Shanklin conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Shanklin conveyancing lawyers help thousands of buyers move home every year and assisted lots of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Shanklin conveyancers have worked on recent similar cases.