Me and my partner are intending to buy a 3 bedroom flat in Ventnor with a mortgage. We like our Ventnor conveyancer, but the mortgage company says she’s not on their "panel". It appears that we have no choice but to instruct one of the bank panel conveyancing practices or continue with our Ventnor conveyancing practitioner and pay for one of their panel lawyers to represent them. This seems very unfair; can we not require that the mortgage company use our Ventnor conveyancer ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms 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. Another option that might be available is for your Ventnor conveyancing solicitor to apply to be on the conveyancing panel.
As I am unsure how the conveyancing bit works what is the most important advice you can impart concerning purchase conveyancing in Ventnor?
Not many law firms shout this from the rooftops but conveyancing in Ventnor and elsewhere in England and Wales is often a confrontational process. Put another way, when it comes to conveyancing there is plenty of opportunity for friction between you and other parties involved in the ownership transfer. E.g., the seller, selling agent and sometimes your mortgage company. Selecting a solicitor for your conveyancing in Ventnor an important selection as your conveyancer is your adviser, and is the ONLY person in the transaction whose role it is to protect your best interests and to protect you.
Every so often a third party with a vested interest will attempt to convince you that it is in your interests to do things their way. For instance, the estate agent may claim to be helping by suggesting your conveyancer is wrong. Or your mortgage broker may tell you to do something that is against your solicitors guidance. You should always trust your lawyer above all other parties in the conveyancing process.
we are a couple who are hoping to buy a 1 bedroom flat in Ventnor with a loan from Britannia.We like our Ventnor conveyancing lawyer but Britannia informed us his firm is not on their approved list of firms. It seems we are left with little choice but to instruct a Britannia panel lawyer or keep our local solicitor and fork out for a Britannia panel lawyer to act for them. We feel as though this is unjust; is there anything we can do?
No, not really. The home loan issued to you is subject to its various provisions, one of which will be that conveyancers needs to be on the Britannia solicitor panel. in the past, most mortgage companies had large numbers of law firms on their panels: a borrower could find 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. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Britannia
My colleague recommended that where I am purchasing in Ventnor I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually quoted for as part of the standard Ventnor conveyancing searches. It is a large report of about 40 pages, listing and setting out important information about Ventnor around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Ventnor Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful data regarding Ventnor.
About to purchase a new build flat in Ventnor. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Ventnor
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Forfeiture - bankruptcy or liquidation must not apply under this provision. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please confirm the Lease plans are architect prepared.
I am in need of some leasehold conveyancing in Ventnor. Before I get started I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Ventnor - then the leasehold title will always include the short particulars 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 inherited a 2 bed flat in Ventnor, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Ventnor with an extended lease are worth £201,000. The ground rent is £45 invoiced annually. The lease expires on 21st October 2090
With 65 years unexpired we estimate the premium for your lease extension to be between £13,300 and £15,400 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.