The housing market in Ryde is hotting up. What can be done to expedite the conveyancing process?

In a situation where the seller is applying time constraints to complete it is highly recommended that your conveyancer is familiar with the location as they will have local connections and intelligence. It is possible that they would have transacted otherhomes in the same neighbourhood. You would be best advised to use a Ryde conveyancing solicitor. Second, check that the conveyancing firm is on the member panel. It is estimated that nearly one in five of Ryde conveyancing deals are frustrated or jeopardised after finding out that a buyer’s lawyer was not on their mortgage lender’s member panel. This can often result in the transaction being delayed by an average of three weeks. It is estimated that this issue affects approximately 100,000 home sales every year. Almost all Ryde conveyancing firms can not represent certain lenders so do check as early as possible.

I am helping my mother sell her flat in Ryde. Will the conveyancing solicitor commission the EPC or it is for the seller to see to?

Following the demise of Home Information Packs, energy performance certificates was retained a mandatory element of moving property. An EPC needs to be to hand prior to the property being marketed. It is not something that conveyancers ordinarily arrange. If you are using a Ryde conveyancing solicitor they might be able to arrange energy assessments due to their relationships with reputable Ryde accredited person

When it comes to lenders such as Nottingham, do Ryde conveyancing practitioners incur a yearly amount to be on the conveyancing panel?

We are unaware of any lender fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.

We were going to get a OIP from Lloyds 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 Lloyds recommend any Ryde solicitors on the Lloyds conveyancing panel, or is it better to go independently?

You will need to appoint Ryde solicitors independently although you'll need to choose one on the Lloyds conveyancing panel. The solicitor represents both you and Lloyds through the process.

I am purchasing a new build house in Ryde with a loan from Birmingham Midshires. The developers refused to move on the amount so I negotiated five thousand pounds worth of additionals instead. The property agent suggested that I not inform my conveyancer about this deal as it would impact my loan with the lender. Do I keep my lawyer in the dark?.

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 have been on the look out for a flat up to £305k and identified one round the corner in Ryde I like with amenity areas and railway links in the vicinity, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Ryde for this price, so just wondered if I would be making a grave error buying a lease with such few years left?

Should you need a mortgage that many years will likely be problematic. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.

Are there frequently found defects that you encounter in leases for Ryde properties?

Leasehold conveyancing in Ryde is not unique. Most leases are drafted differently and drafting errors can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:

Repairing obligations to or maintain parts of the property A duty to insure the building

A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Leeds Building Society, and Barclays Direct 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 provide security, obliging the purchaser to withdraw.

I acquired a studio flat in Ryde, conveyancing formalities finalised 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Ryde with an extended lease are worth £195,000. The ground rent is £45 yearly. The lease finishes on 21st October 2089

With just 63 years left to run we estimate the premium for your lease extension to be between £16,200 and £18,600 as well as costs.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.