Completed the sale of my flat in Ventnor last July but our buyer keeps texting daily to moan that her solicitor is waiting to hear from mine. What are the post completion sale formalities now that I have sold?
Following your disposal your solicitor should deliver the transfer documentation and all of the paperwork to the buyer’s lawyers. If applicable, your lawyer should also send confirmation that the home loan has been repaid to the buyers conveyancers. There are no post completion formalities specific conveyancing in Ventnor.
This question may be naive but I am unexperienced as FTB of a ground floor flat in Ventnor. Do I pick up the keys to the house on completion from my solicitor? If this is the case, I will appoint a High Street conveyancing solicitor in Ventnor?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the purchase money to the owner’s conveyancers, and once they have received this, you will be able to collect the keys from the Estate Agents and move into your new home. Usually this occurs between 1 and 3pm.
I have decided to exercise my right to buy my property in Ventnor off the council. I have a mortgage offer with Barclays. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Barclays, you will need to appoint a solicitor on the Barclays conveyancing panel.
The mortgage over my property is with Kent Reliance for my property in Ventnor. Conveyancing has been completed months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Kent Reliance?
Your original mortgage agreement with Kent Reliance will provide that you need their approval in advance of renting your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. It may be that Kent Reliance will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Kent Reliance directly. It should not be necessary to do this via a Kent Reliance conveyancing panel lawyer.
Should our solicitor be raising questions about flooding during the conveyancing in Ventnor.
Flooding is a growing risk for lawyers dealing with homes in Ventnor. There are those who buy a house in Ventnor, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the premises. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Solicitors are not best placed to give advice on flood risk, however there are a numerous checks that may be initiated by the buyer or on a buyer’s behalf which should give them a better appreciation of the risks in Ventnor. The standard completed inquiry forms supplied to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the vendor to determine whether the premises has historically flooded. If flooding has previously occurred which is not revealed by the owner, then a purchaser may issue a claim for damages resulting from an inaccurate reply. A buyer’s conveyancers should also order an environmental report. This should indicate whether there is a recorded flood risk. If so, further inquiries should be initiated.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in a fortnight ago in what should have been a quick, no chain conveyancing. Ventnor is where the house is located. Is there any advice you can give?
Flying freeholds in Ventnor are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Ventnor you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ventnor may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I am looking for a conveyancing solicitor in Ventnor for my house move. Is it possible to check a solicitor's complaints history with the profession’s regulator?
Members of the public may find presented Solicitor Regulator Association (SRA) determinations stemming from investigations from 2008 onwards. Go to Check a solicitor's record. For information about the period before 1 January 2008, or to check a solicitors record, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, use +44 (0)121 329 6800. The SRA sometimes recorded call for training requirements.
I've recently bought a leasehold house in Ventnor. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a 1 bedroom flat in Ventnor, conveyancing formalities finalised in 2009. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Ventnor with an extended lease are worth £195,000. The ground rent is £45 charged once a year. The lease expires on 21st October 2089
With just 63 years unexpired we estimate the premium for your lease extension to be between £16,200 and £18,600 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.