My husband and I are planning to purchase a house in Shanklin and are in fact using a Shanklin conveyancing firm. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. HSBC Bank have this afternoon contacted us to inform me that they have now hit a problem as our Shanklin solicitor is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Shanklin lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
We see that you have a search directory identifying law firms on the UBS conveyancing panel. Do companies pay you a referral fee if I instruct them for our own conveyancing in Shanklin?
We are a listing service only for law firms wishing to communicate if they are on the UBS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Shanklin.
I am considering applying for a Nationwide mortgage for purchase of a new build (under development) in Shanklin with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Nationwide ?
In theory, you could use a solicitor that is not on the Nationwide conveyancing panel, but Nationwide would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
Various web forums that I have visited warn that are the primary reason for hinderance in Shanklin conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances in the conveyancing process. Local searches are unlikely to be the root cause of holding up conveyancing in Shanklin.
I am looking for a ground for flat up to £195,000 and identified one round the corner in Shanklin I like with a park and transport links nearby, however it only has 49 years unexpired on the lease. I can't really find anything else in Shanklin in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you require a mortgage the remaining unexpired lease term will be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
Having had my offer accepted I require leasehold conveyancing in Shanklin. Before I get started I want to be sure as to the remaining lease term.
If the lease is registered - and most are in Shanklin - 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 bought a split level flat in Shanklin, conveyancing was carried out in 1996. 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? Similar flats in Shanklin with an extended lease are worth £216,000. The average or mid-range amount of ground rent is £50 per annum. The lease ends on 21st October 2093
With just 68 years left to run we estimate the price of your lease extension to span between £9,500 and £11,000 as well as costs.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously 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.