I am progressing with the sale of my house in Ventnor and the estate agent has just called to say that the buyers are switching property lawyer. The reason given is that the lender will only work with property lawyers on their approved list. On what basis would a big named lender only work with specific solicitors rather the firm that they want to appoint for their conveyancing in Ventnor ?
Lenders have always had panels of law firms they are content to work with, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any impact on this.
We just had an offer accepted to buy with Melton Mowbray Building Society. We have called around locally yet am struggling to find a Ventnor conveyancing firm on the Melton Mowbray Building Society approved list. Please you assist?
Feel free to make use of the search tool on this page. Pick the building society and type Ventnor or your preferred area and you will see numerous conveyancers located in Ventnor or by proximity to you.
I have recentlydiscovered that Wolstenholmes have closed. They carried out my conveyancing in Ventnor for a purchase of a leasehold flat 10 months ago. How can I establish that my home is in my name in the name of the former proprietor?
The quickest method to check if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Ventnor conveyancing specialists.
I'm buying my first flat in Ventnor with a loan from Nottingham Building Society. The builders refused to budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative advised me not reveal to my conveyancer about the extras as it will adversely affect my loan with the lender. Should I keep quiet?.
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.
My company is wishing to lease a unit on a shopping parade. Can you recommend conveyancers offering no-sale-no charges for commercial conveyancing in Ventnor for below £2000?
We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in Ventnor, including the sale and acquisition of businesses as well as simply premises. If you are looking to acquire or dispose of a shop, pub, restaurant, office, retail premises or a whole business we will put you in touch with the right firm. As for the charges this will depend on the structure and nuances of the proposed transaction. Please provide us with your contact information or telephone us so that we can furnish you with a fixed commercial conveyancing calculation.
Do you have any top tips for leasehold conveyancing in Ventnor from the point of view of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Ventnor can be reduced if you appoint lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information which will be required by the buyers’ conveyancers. In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Ventnor leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord approving such works. If you fail to have the paperwork in place do not communicate with the landlord without checking with your solicitor in advance. Many landlords or Management Companies in Ventnor charge for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Ventnor. A minority of Ventnor leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers. You may think that you are aware of the number of years left on your lease but you should double-check via your solicitors. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. In the circumstances it is important at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.
I acquired a basement flat in Ventnor, conveyancing was carried out 5 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Ventnor with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 levied per year. The lease ceases on 21st October 2094
With only 69 years unexpired we estimate the premium for your lease extension to span between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.