I am hoping to receive a offer of a home loan from Lloyds. I hope to enlist the help of a Licensed Conveyancer in Shanklin. Does the Lloyds Conveyancing panel allow for conveyancers regulated by the CLC?
The Lloyds conveyancing panel is, like many other lenders, represented by the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
I purchased a freehold residence in Shanklin but still pay rent, why is this and what is this?
It’s unusual for properties in Shanklin and has limited impact for conveyancing in Shanklin but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
It has been five months since my purchase conveyancing in Shanklin completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking for a flat up to £235,500 and identified one near me in Shanklin I like with a park and transport links in the vicinity, the downside is that it's only got 52 remaining years left on the lease. There is not much else in Shanklin in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term may be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
Am I best advised to use a Shanklin conveyancing lawyer in close proximity to the house I am purchasing? I have an old university friend who can handle the conveyancing but his firm is located approximately 350miles away.
The primary upside of using a local Shanklin conveyancing practice is that you can pop in to execute documents, present your identification documents and pester them if necessary. Having local Shanklin know how is a bonus. That being said nothing is more important than finding someone that will do a good and efficient job. If if people you trust instructed your friend and they were impressed that should outweigh using an unknown Shanklin conveyancing lawyer just because they are based in the area.
Whilst your website is a good idea there are many lawyers listed near Shanklin being on the mortgage company conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for our lender?
We are not in the business of recommending one firm above another as the right Shanklin conveyancing firm for you depends on where your priorities lie. For example you may require a local firm with Shanklin knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..