Is the fact that my solicitor in Ventnor is not on my mortgage company's solicitor panel that there is a problem with the quality of the firm’s conveyancing?
That is most likely a wrong assumption to make. There are all sorts of perfectly reasonable explanations. Just recently a report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should simply call the Ventnor conveyancing firm and ask them why they are no longer on the approved list for your lender.
I am the registered owner of a freehold residence in Ventnor but nevertheless 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 date back many centuries, but the Rent Charge Act 1977 barred the creation 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 in 2037 is to be dispensed with completely.
Various online forums that I have come across warn that are the main reason for hinderance in Ventnor house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not feature within the common causes of delays in the conveyancing process. Searches are unlikely to feature in any slowing down conveyancing in Ventnor.
If all goes to plan we aim to complete the disposal of our £200,000 apartment in Ventnor in 8 days. The managing agents has quoted £384 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Ventnor?
Ventnor conveyancing on leasehold maisonettes normally requires the purchaser’s lawyer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries most will be content to assist. They are at liberty to invoice a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it is above £800. The administration charge required by the landlord must be accompanied by a summary of rights and obligations in relation to administration fees, otherwise the invoice is not strictly payable. In reality you have little option but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I own a ground floor flat in Ventnor, conveyancing formalities finalised 9 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Ventnor with over 90 years remaining are worth £190,000. The ground rent is £45 yearly. The lease runs out on 21st October 2081
With 62 years unexpired we estimate the premium for your lease extension to span between £17,100 and £19,800 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
Do online conveyancing organisations do everything a local Ventnor solicitor does or do I still need to employ a solicitor for the final stages for my conveyancing in Ventnor?
If you instruct an online conveyancer they should undertake all the tasks your Ventnor conveyancer would cover.