We are close to exchanging contracts on the sale of our house in Ventnor and according to the buyers it appears that there is a risk of it being constructed on contaminated land. A local conveyancer would know that there is no such problem. For the life of me I don't know why the purchasers are using an online conveyancing firm as opposed to a conveyancing solicitor in Ventnor. We have lived in Ventnor for many years we know of no issue. Do we contact our local Authority to obtain clarification need.
It would appear that you have a conveyancing lawyer already. Are they able to advise? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
Despite weeks of looking the Title Certificate and documents to my home are lost. The solicitors who dealt with the conveyancing in Ventnor 10 years ago are no longer around. What are my next steps?
You no longer need to hold title official documentation to evidence that you are the registered proprietor of land or property, given that the Land Registry have everything they need in a digital format.
I am purchasing my first flat in Ventnor benefiting from help to buy. The builders would not move on the price so I negotiated five thousand pounds worth of extras instead. The house builders rep advised me not reveal to my solicitor about the extras as it could jeopardize my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a flat up to £305k and identified one near me in Ventnor I like with a park and station nearby, however it only has 51 years unexpired on the lease. I can't really find anything else in Ventnor for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a home loan the remaining unexpired lease term may be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
I am attracted to a two flats in Ventnor which have in the region of fifty years left on the leases. should I be concerned?
There is no doubt about it. A leasehold flat in Ventnor is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of purchasers and lenders, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Ventnor conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I purchased a studio flat in Ventnor, conveyancing formalities finalised 3 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Ventnor with a long lease are worth £222,000. The ground rent is £50 per annum. The lease ceases on 21st October 2096
With 71 years remaining on your lease we estimate the premium for your lease extension to span between £9,500 and £11,000 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.
Our offer on property in Ventnor has been agreed to, but there is a chain. The sellers have offered on somewhere, however it’s not yet tied up, and are looking at other flats booked. I have instructed a local conveyancing solicitor in Ventnor. What should be my next step? At what stage do I apply for the mortgage with Co-operative?
It is normal to have concerns where there is a chain given your reluctance to incur expenses prematurely (mortgage application is approx one thousand pounds, then survey, Ventnor conveyancing search charges, etc). The first thing to do is check that your property lawyer is on the Co-operative approved list. Regarding the subsequent stages this very much depends on the uniqueness of your transaction, desire for this property and on the state of the market. During a buoyant market some buyers will apply for the mortgage with Co-operative and arrange for the survey and only if it comes back ok would they request their lawyer to proceed with searches.