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 sent a preliminary report and documents to look through with the expectation that exchange is imminent. Bank of Ireland have this afternoon contacted us to advise us that there is now an issue as our Shanklin conveyancer is not on their conveyancing panel. Is this a problem?
If you are buying a property requiring a mortgage it is standard 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 Accreditation 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 don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Shanklin lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
We are hoping to buy a purpose built flat in Shanklin with a homeloan from TSB.We would like to retain our Shanklin conveyancing lawyer but TSB advised that his firm is not listed on their approved list of member firms. we are left little option but to use a TSB panel solicitor or keep our high street solicitor and pay for a TSB panel lawyer to represent them. This seems very unfair; Can we not simply insist that TSB use our lawyer?
Unfortunately,no. The loan issued to you is subject to its various provisions, one of which will be that conveyancers must be on the TSB approved list. in the past, most banks 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. A further alternative is for your lawyer to apply to be on the conveyancing panel for TSB
My bid for a property was accepted at auction in Shanklin. Conveyancing is necessary. What are my next steps?
Having legally bound yourself to purchase you will need to retain a conveyancing solicitor quickly as you now have a tight deadline in which to complete the purchase. An auction property will ordinarily have an associated auction set of papers. This should include the copy title deeds, local authority and drainage searches. Where you are dealing with leasehold premises the conveyancing pack may include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation specific to a leasehold property. You must give this to the conveyancer working for you as soon as possible. Do make sure that you have funds organised to complete on the date specified in the contract.
I am the sole recipient of my late father’s estate and I have everything in my name alone, including the my former home in Shanklin. Conveyancing formalities meant that the Land Registry date was in August. I now wish to sell up. I understand that there is a CML 6 month 'rule', which means that my property ownership may be treated the same way as if I'd bought the property in August. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. How practical a view mortgage companies take of it, depend on the lender as this clause is principally there to pick up on subsales or the flipping of property.
The mortgage over my property is with Nottingham for my property in Shanklin. Conveyancing was finalised a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Nottingham?
Your original mortgage agreement with Nottingham will provide that you need their approval in advance of renting your property as this is likely to be a breach of Nottingham’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nottingham directly. You need not do this via a Nottingham conveyancing panel solicitor.
How does conveyancing in Shanklin differ for new build properties?
Most buyers of new build premises in Shanklin approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is built. This is because builders in Shanklin typically acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Shanklin or who has acted in the same development.
My husband and I are a couple of weeks into a leasehold purchase having been referred to conveyancers by the local agent to carry out the conveyancing in Shanklin. We are not happy. Could you you assist me in finding new lawyers?
They would have to be really bad to suggest changing them. Has the loan offer been issued? If so you will need to inform them of the new conveyancer and ensure the offer are issued to the new lawyers. Your solicitor ideally should be on the mortgage company panel to avoid escalating costs and frustration. So that should be your starting point. The find a solicitor tool can assist you in finding a lender approved solicitor for your conveyancing in Shanklin
What are your top tips when it comes to choosing a Shanklin conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Shanklin conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Shanklin conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be helpful:
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What are the costs for lease extension work? How experienced is the firm with lease extension legislation?
I inherited a 1 bedroom flat in Shanklin, conveyancing was carried out half a dozen years ago. 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? Equivalent flats in Shanklin with over 90 years remaining are worth £179,000. The ground rent is £65 invoiced annually. The lease comes to an end on 21st October 2082
With 57 years remaining on your lease we estimate the price of your lease extension to range between £26,600 and £30,800 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.