I have an AIP. The bank mentioned the loan came with free conveyancing. Is the implication that I have to instruct their panel lawyer as I would prefer to instruct a high street conveyancing solicitor in Ventnor?
You should check but the the probability is that appoint one of their panel solicitors where you accept the "fee-free" offer. Call the bank and determine if they allow a cash alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case that money can go towards your preferred conveyancing solicitor in Ventnor.
A friend recommended that if 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 occasionally included in the estimate for your Ventnor conveyancing searches. It is not a small document of more than thirty pages, listing and setting out important information about Ventnor around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Ventnor Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with plans and statistics, Local Amenities and other useful information regarding Ventnor.
About to purchase a new build apartment in Ventnor. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Ventnor
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. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I am tempted by the attractive purchase price for a two flats in Ventnor both have approximately forty five years remaining on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Ventnor. The lease is a right to use the premises for a period of time. As a lease shortens the marketability of the lease deteriorates and it becomes more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena.
Ventnor Leasehold Conveyancing - Sample of Queries Prior to Purchasing
It is important to be aware whether fixing the lift or some other significant cost is due in the near future to be shared by the leasehold owners and will materially impact the level of the maintenance charges or result in a one time invoice. You should be aware if it is less than eighty years it will impact the value of the apartment. Check with your mortgage company that they are happy with residual term of the lease. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease at some point and you need to have some idea of what this would cost. Remember, in most cases you would need to own the property for two years in order to be legally able to extend the lease. This question is helpful as a) areas may cause problems for the building as the communal areas may start to deteriorate if maintenance are not paid for b) if the leaseholders have a dispute with the running of the building you will want to have complete disclosure
Do online conveyancing organisations undertake everything a local Ventnor solicitor does or must I retain a solicitor for the final stages for my conveyancing in Ventnor?
If you use an online conveyancer they should cover all the tasks your Ventnor solicitor will cover.