I purchased a freehold residence in Ventnor yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Ventnor and has limited impact for conveyancing in Ventnor but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
We are buying a newbuild apartment in Ventnor with a mortgage from Birmingham Midshires.We like our Ventnor conveyancing lawyer but Birmingham Midshires advised that she’s not on their approved list of member firms. We have to appoint a Birmingham Midshires panel solicitor or keep our high street solicitor and fork out for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Birmingham Midshires use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its various provisions, a common one being that conveyancers must be on the Birmingham Midshires approved list. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Birmingham Midshires
Have purchased a a semi-detached house in Ventnor , how long will it take for the Land Registry to record my proprietorship? My Ventnor conveyancing solicitor works at snail pace, so I want to be certain that my name is recorded.
As far as conveyancing in Ventnor is concerned, registration is no quicker or slower than the rest of the country. Rather than based on location, timeframes can vary subject to who lodges the application, whether there are errors and whether the Land registry need to notify any third parties. At present in the region of 80% of submission are fully addressed within 12 days but occasionally there can be protracted hold-ups. Registration occurs once the buyer is living at the premises thus registration formalities is not usually top priority yet if it is urgent that the the registration takes place urgently then you or your solicitor could communicate with the Registry to express the reasoning for the application to be prioritised.
How does conveyancing in Ventnor differ for newly converted properties?
Most buyers of new build premises in Ventnor approach us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Ventnor usually buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Ventnor or who has acted in the same development.
Am I best advised to appoint a Ventnor conveyancing solicitor in close proximity to the house I am purchasing? I have an old university friend who can deal with the legal formalities but his firm is located 300kilometers away.
The primary upside of using a high street Ventnor conveyancing practice is that you can pop in to execute documents, present your ID and pester them where appropriate. Having local Ventnor know how is a bonus. That being said nothing is more important than finding someone that will pull out all the stops for you. If if people you trust instructed your friend and on the whole were impressed that must surpass using an unfamiliar Ventnor conveyancing lawyer just because they are local.