Is the fact that my solicitor in Ventnor is not listed on my mortgage company's solicitor panel that there is a problem with the standard of her work?
It would not be wise to jump to that conclusion. There are plenty of plausible explanations. Just recently a report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Ventnor conveyancing firm and ask them why they are no longer on the approved list for your lender.
Finally the sale completed on my house in Ventnor last December but our buyer keeps telephoning daily to moan that their solicitor is waiting to hear from mysolicitor. What are the post completion sale legalities following completion?
Post completion of your disposal your solicitor should deliver the transfer deeds and all of the paperwork to the buyer’s lawyers. If applicable, your conveyancer must also confirm that the mortgage has been paid off to the purchasers lawyers. There is unlikely to be post completion formalities peculiar conveyancing in Ventnor.
Are the BSA intent on creating a online directory to list firms on the Loughborough BS conveyancing panel for example in Ventnor?
We would not expect to be advised of any plans on the part of the BSA to promote such a register.
Will my conveyancer be raising enquiries concerning flooding as part of the conveyancing in Ventnor.
The risk of flooding is if increasing concern for conveyancers specialising in conveyancing in Ventnor. There are those who buy a property in Ventnor, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or dispose of the property. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Conveyancers are not best placed to impart advice on flood risk, however there are a number of checks that may be undertaken by the buyer or by their lawyers which can give them a better appreciation of the risks in Ventnor. The standard information sent to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the seller to find out whether the property has suffered from flooding. If flooding has previously occurred and is not notified by the vendor, then a buyer may commence a claim for damages as a result of such an inaccurate answer. The purchaser’s lawyers may also commission an environmental report. This will reveal if there is a recorded flood risk. If so, more detailed investigations should be made.
I'm purchasing my first flat in Ventnor with a mortgage from Norwich and Peterborough Building Society. The builders would not reduce the price so I negotiated 6k of fixtures and fittings instead. The sale representative advised me not disclose to my solicitor about the deal as it could put at risk my loan with Norwich and Peterborough Building Society. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I am employed by a long established estate agency in Ventnor where we see a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local Ventnor conveyancing firms. Can you confirm whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I bought a leasehold flat in Ventnor, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Equivalent properties in Ventnor with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £45 per annum. The lease terminates on 21st October 2093
With only 67 years left to run the likely cost is going to be between £10,500 and £12,000 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.