Due to complete my purchase in Ventnor next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the lender. What does the insurance need to cover?
All property lawyers on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These obligations are not unique to conveyancing in Ventnor.
Do the Building Society Association intend to launch a searchable register to to identify practices on the Melton Mowbray Building Society conveyancing panel for instance in Ventnor?
We are not aware of any plans on the part of the BSA to develop such a search facility.
I am expecting a DIP from UBS this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do UBS recommend any Ventnor solicitors on the UBS conveyancing panel, or is it better to go independently?
You will need to appoint Ventnor solicitors independently although you'll need to choose one on the UBS conveyancing panel. The solicitor represents both you and UBS through the process.
I have decided to exercise my right to buy my property in Ventnor off the council. I have a mortgage offer with Yorkshire BS. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Yorkshire BS, you will need to appoint a solicitor on the Yorkshire BS conveyancing panel.
After much negotiation I have agreed a price on a house in Ventnor. My mortgage broker recommended their conveyancers. I paid an advanced payment of £150. A few days later, the conveyancing practitioner contacted me embarrassingly acknowledging that they were not on the Lloyds conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Lloyds panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am looking for a ground for flat up to £305k and identified one round the corner in Ventnor I like with a park and railway links in the vicinity, however it only has 49 years on the lease. There is not much else in Ventnor for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage the shortness of the lease may be an issue. Reduce 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. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
I'm refinancing my existing home to a BTL mortgage with Barnsley Building Society and I will use the ballance of the raised equity as a down payment on another property. The location we are looking at is Ventnor. Will your solicitors be able to act for both sets of mortgage companies and tie in the conveyances?
Make use of our comparison tool on this page to ensure that the solicitors are on the appropriate lender panels. On the basis that they are your lawyer should be able to connect the two conveyancing matters but you should talk with you conveyancer and make clear your expectations and requirements.
My cousin is buying a ground floor flat in Ventnor. He was given a quote by the conveyancer connected to the selling agents totaling £1156 . It was seven years ago since I sold and bought a property and the bill was £500. Have fees really gone up that much?
You should e-mail 3 or 4 local Ventnor conveyancing firms requesting estimates. You should base your choice not just on cost, but on promptness and on how comprehensive the response was.