I chose a local lawyer for our conveyancing in Ventnor recently. After carefully reading the small print it is apparent thatwe are responsible for costs even if the sale doesn't happen. Should I ditch them and use an on-line firm advertising no completion no charge conveyancing in Ventnor?
It is usually ‘give and take’ in that if "No Sale No Fee" is advertised then the conveyancing charges will generally be higher to neutralise the cases that fail to complete. You should be mindful that these offerings generally do not cover expenditure by way of example Ventnor conveyancing search fees.
My fiance and I are refinancing our penthouse in Ventnor with Nottingham. We have a son 18 who lives with us. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the apartment is repossessed. I have a couple of concerns (1) Is this form unique to the Nottingham conveyancing panel as he did not need to sign this form when we remortgaged 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Nottingham conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Nottingham. This is solely used to protect Nottingham if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Nottingham had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I purchased a freehold premises in Ventnor but nevertheless invoiced for rent, why is this and what is this?
It is rare 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 creation of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
We're in Ventnor, FTBs purchasing with a mortgage (lender is Santander , and our lawyer is on the Santander conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Santander conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
My husband and I are new to the buying process - agreed a price, but the estate agent advised that the vendor will only go ahead if we use the agent's recommended solicitors as they are insisting on a ‘quick sale’. Our preferred option is to instruct a high street solicitor who is familiar with conveyancing in Ventnor
We suspect that the seller is unaware of this demand. If they desire ‘a quick sale', taking such a hostile approach to a motivated buyer is not the way to achieve this. Bypass the agents and go straight to the sellers and make sure they understand (a)you are keen to buy (b)you are ready to go, with finances in place © you are unencumbered (d) you wish to move quickly (e)however you intend to instruct your preferred Ventnor conveyancing firm - rather thanthe ones that will provide their estate agent a commission or meet his conveyancing targets pre-set by HQ.
We are midway through buying a residence in Ventnor. Conveyancing lawyer has phoned to say the title is "Leasehold". Will this likely adversely affect our home loan valuation?
Ventnor conveyancing does not normally involve leasehold houses. The crucial factor here is the remaining lease term and the ground rent. If it's 999 years with a peppercorn rent, it's almost the same as freehold, so it’s unlikely to impact the saleability significantly.
On the flip side, if it's, say, Sixty years it will have a material impact on the saleability, and probably wouldn't be mortgageable. The remaining lease term and ground rent will be specified in the lease to be supplied to your conveyancing practitioner.