I am under pressure from the executor of a property in Bembridge to exchange within four weeks. What can I do to speed up matters?

Where you are under time constraints for your conveyancing it is highly recommended that your solicitor is familiar with the area as they will make use of local relationships and know-how. It is even conceivable that they may have handled otherhomes in the same street. Therefore consider using a Bembridge conveyancing solicitor. In addition, check that the lawyer is on the on the approved list for your mortgage company. It is believed that just under twenty per cent of Bembridge conveyancing transactions are held up or jeopardised after finding out that a buyer’s solicitor was not on their banks list of approved solicitors. This can often result in the legal transfer of property being held up by an average of 21 days. It is said that this issue affects approximately 100,000 home moves annually. Most Bembridge conveyancing practices can not act for certain lenders so do check as early as possible.

This question may be naive but I am unexperienced as FTB of a two bedroom flat in Bembridge. Do I collect the keys to the house on the completion date from my conveyancer? If so, I will use a local conveyancing solicitor in Bembridge?

On the day of completion you will not be required to go to the conveyancers office in Bembridge. Your solicitors will transfer the completion advance to the owner’s conveyancers, and shortly after the monies have arrived, you should be called to collect the keys from the Estate Agents and move into your new home. Usually this occurs early afternoon.

When it comes to lenders such as Lloyds, do Bembridge conveyancers face a fee to be on the list of approved solicitors?

We are unaware of any bank fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.

We previously instructed conveyancers located in Bembridge on the Bank of Ireland solicitor panel. They have just invoiced me an additional sum for the legal aspects of the Bank of Ireland mortgage. Is this a supplemental conveyancing fee set by Bank of Ireland?

Provided it is contained in their Terms and Conditions or Quote then yes your lawyer can charge a fee for this. The charge is not dictated by Bank of Ireland but by your Bembridge conveyancer. Numerous firms on the Bank of Ireland panel will levy an ‘acting for lender’ fee but many firms incorporate it on their overall fee.

Should our solicitor be raising enquiries about flooding during the conveyancing in Bembridge.

Flooding is a growing risk for lawyers specialising in conveyancing in Bembridge. Plenty of people will buy a property in Bembridge, fully aware that at some time, it may be flooded. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.

Conveyancers are not best placed to give advice on flood risk, however there are a number of searches that can be initiated by the purchaser or on a buyer’s behalf which can figure out the risks in Bembridge. The standard completed inquiry forms sent to a buyer’s lawyer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the owner to determine whether the property has suffered from flooding. If the property has been flooded in past which is not revealed by the vendor, then a purchaser could commence a compensation claim as a result of such an incorrect reply. The purchaser’s solicitors will also commission an environmental report. This will reveal whether there is any known flood risk. If so, more detailed investigations will need to be carried out.

I am looking for a flat up to £235,500 and found one round the corner in Bembridge I like with open areas and railway links in the vicinity, however it's only got 49 years on the lease. There is not much else in Bembridge for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?

If you require a mortgage the shortness of the lease will be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.

Are there common defects that you see in leases for Bembridge properties?

Leasehold conveyancing in Bembridge is not unique. Most leases are unique and drafting errors can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:

Service charge per centages that don't add up correctly leaving a shortfall

You may have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Coventry Building Society, and TSB all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.

I purchased a 1st floor flat in Bembridge, conveyancing formalities finalised 3 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Bembridge with over 90 years remaining are worth £175,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease runs out on 21st October 2083

You have 58 years unexpired we estimate the premium for your lease extension to range between £23,800 and £27,400 as well as costs.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.