My wife and I are hoping to buy a property in Ventnor and are in fact using a Ventnor conveyancing practice. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Barclays have this morning contacted us to inform me that there is now an issue as our Ventnor conveyancer is not on their conveyancing panel. What do we do from here?
Where you are buying a property needing a mortgage it is usual for the purchasers' solicitors 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 property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Ventnor solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
I am purchasing a new build flat in Ventnor. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Ventnor you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Ventnor.
How does conveyancing in Ventnor differ for new build properties?
Most buyers of new build residence in Ventnor contact us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Ventnor tend to purchase the real estate, 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 property lawyers 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 Ventnor or who has acted in the same development.
I opted to have a survey done on a property in Ventnor ahead of appointing conveyancers. I have been informed that there is a flying freehold aspect to the property. My surveyor has said that some mortgage companies may not give a loan on a flying freehold property.
It varies from the lender to lender. HSBC has different instructions for example to Halifax. Should you wish to call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Ventnor. Conveyancing will be smoother if you use a solicitor in Ventnor especially if they are accustomed to such properties in Ventnor.
In what way can the Landlord & Tenant Act 1954 impact my business property in Ventnor and how can you help?
The particular law that you refer to affords security of tenure to business tenants, granting the legal entitlement to make a request to court for a continuation of occupancy when the lease comes to an end. There are limited grounds that a landlord can refuse a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing firms who use the act to your advantage and assist with commercial conveyancing in Ventnor
We expect to complete our sale of a £225,000 garden flat in Ventnor next Thursday. The landlords agents has quoted £360 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Ventnor?
Ventnor conveyancing on leasehold flats typically results in administration charges invoiced by managing agents :
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Completing pre-exchange enquiries
Where consent is required before sale in Ventnor
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Ventnor - Examples of Questions you should consider Prior to buying
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Does the lease include onerous restrictions? What is the service charge and ground rent on the property? It would be a good idea to investigate if there is anything that is prohibited in the lease. By way of example it is reasonably common in Ventnor leases that pets are not permitted in certain buildings in Ventnor. If you love the apartmentin Ventnor but your dog is not allowed to live with you then you have a very hard choice.