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FACT : Ventnor Conveyancing Solicitors Know more about Conveyancing in Ventnor

Ventnor Conveyancing Statistics*

  • 1 70% freehold and 30% leasehold conveyancing in Ventnor for this year to date
  • 2 Average time from start to moving day was 55 days for conveyancing in Ventnor
  • 3 848 is the median number of years remaining on leases in Ventnor
  • 4 Average Land Registry Fee for this year to date was £270
  • 5 September was the busiest month and August was the next busiest month while June was the least busiest month of the year for conveyancing in Ventnor

Examples of recent conveyancing in Ventnor since February 2024*

Recently asked questions about conveyancing in Ventnor

Can conveyancing in Ventnor to be concluded in 10 days?

In the event that you are under time constraints to sign contracts we would recommend that your solicitor is familiar with the location as they will have local connections and knowledge. It is even conceivable that they may have handled otherhomes in the same street. You would be best advised to use a Ventnor conveyancing lawyer. In addition, make sure that the lawyer is on the on the approved list for your mortgage company. It is claimed that 18% of Ventnor conveyancing deals are suspended or derailed after finding out that a purchaser’s solicitor was not on their banks panel. This can often result in the conveyancing being delayed by almost three weeks. It is estimated that this issue impacts approximately one hundred thousand home sales every year. Many Ventnor conveyancing practices can not act for certain mortgage companies so do check at the outset.

I have 70 years remaining on my lease and need a lease extension for my flat in Ventnor. Conveyancing solicitors on the The Mortgage Works panel can deal with such extensions correct?

Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 23/5/2024 the requirements read as follows :

Minimum unexpired lease term is 70 years with 30 years remaining at the end of the mortgage term.
Where the unexpired lease term is different to that recorded on the mortgage offer, the following clarifies if we need to be informed:

Second hand property:
- If the unexpired lease term on the offer is 85 years or more - only advise us if the actual lease term is less than 85 years
- if the unexpired lease term on the offer is less than 85 years – advise us if the actual lease term is different than reported
- For equity share applications - advise us if the actual lease term is different than reported on the offer

New build property:
- If the unexpired lease term stated on the offer is 125 years (flat) / 250 years (house) or more - only advise us if the actual lease term is less than 125 years (flat) / 250 years (house)
- For equity share applications - always advise us if the actual lease term is different than reported on the offer

Lease terms such as ground rent and event fees must be reasonable at all times during the term of the lease and adhere to our requirements below. If you’re unsure as to whether the terms of a lease are unreasonable or onerous, please refer the details to us in plain English for Valuer consideration. If the potentially onerous terms are in relation to the ground rent please include the current ground rent figure per annum, how often it will be reviewed and the price structure it will be reviewed against. See the guidance below.

SECOND HAND PROPERTIES

Unacceptable - advise Issuing Office (Will be declined):
- Unexpired lease term less than 70 years
- Less than 30 years remaining at the end of the mortgage term
- Ground Rent greater than 0.5% of the property value
- Ground Rent doubles less than every 20 years (e.g. doubles every 5, 10 or 15 years) - acceptable if doubles every 20 years or more
- Ground Rent is compounded RPI
- Ground Rent review period less than or equal to 5 years

Refer to Issuing Office (Valuer will consider any impact on valuation figure and marketability):
- Unexpired lease term is 70 to 85 years
- Ground Rent greater than 0.1% and less than or equal to 0.5% of the property value
- Ground Rent escalation is linked to any indices greater than RPI
- Ground Rent escalation is linked to the value of the building*
- Ground Rent review period is greater than 5 and less than 10 years
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial etc
- Estate Rent Charges greater than £500 p/a (please provide details of what the charges cover)
- Service Charges greater than 1.0% of property value p/a (please provide details of what the charges cover)
- Anything that appears onerous, unusual or out of the ordinary

Acceptable (no requirement to advise Issuing Office):
- Unexpired lease term greater than 85 years
- Ground Rent less than or equal to 0.1% of the property value
- Ground Rent review period greater than or equal to 10 years
- Ground Rent escalation less than or equal to RPI

NEW BUILD PROPERTIES (includes office conversions)

Unacceptable - advise Issuing Office (will be declined):
- Unexpired lease term less than 125 years on a new build flat or less than 250 years on a new build house
- Any lease which is subject to a ground rent (or annual rent) being charged which is more than on a peppercorn basis
- Any lease which is subject to a ground rent (or annual rent) being reviewed and altered on any review basis or methodology

Refer to Issuing Office (Valuer will consider any impact on valuation figure and marketability):
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial etc
- Estate Rent Charges greater than £500 p/a (please provide details of what the charges cover)
- Service Charges greater than 1.0% of property value p/a (please provide details of what the charges cover)
- Anything else appears onerous, unusual or out of the ordinary

Acceptable (no requirement to advise Issuing Office):
- Unexpired lease term greater than or equal to 125 years on a new build flat or greater than or equal to 250 years on a new build house
- A lease subject to a peppercorn ground rent (annual rent) charges

For the avoidance of doubt, any new build properties completed but not sold pre 30 June 2022 will only be acceptable if the lease conforms to the above guidance

* Where the Ground Rent escalation is linked to the value of the building, please provide the following:
- How is the value of the block/unit currently calculated and if the assessment relates to the block(s), how is the Ground Rent calculated/apportioned per property?
- The current valuation and Ground Rent for each unit
- What is the mechanism for future valuations of the block and how is the Ground Rent calculated/apportioned?
- What is the right of appeal? And is this a documented process within the lease?
- Who bears the cost of the valuation (and appeal) process?
- Confirmation the review period is not less than twenty years

LEASE EXTENSIONS

We require all lease extensions to be completed under the Leasehold Reform Housing and Urban Development Act 1993 and to meet the above criteria as a minimum. Where you become aware that it does not meet these requirements, please refer to the Issuing Office

My stepmother informed me that in purchasing a property in Ventnor there could be various restrictions prohibiting external changes to the property. Is this right?

There are anumerous of properties in Ventnor which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Ventnor should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.

We are aiming to move house in June. Should my conveyancing solicitor communicate with the removal company on the completion day. Incidentally, can you put forward a removal company in Ventnor. Conveyancing lawyer was organised prior to coming across this page.

On the day of completion you will need to pick up the keys from the property agent but this can only take place once the vendors solicitors confirm to the agent that the monies to complete are in and the keys can be released. Subsequently you should advise the removal men that you are ready to move in. As a matter of policy we do not suggest a specific removal organisation but can assist you in locating a conveyancing in Ventnor or a firm that specialises in conveyancing in Ventnor.

My husband and I are spending time looking at flats in Ventnor and I am about to put in an offer. Is it advisable to have a solicitor on ‘stand by’? I intend to finance via a mortgage with Kent Reliance.

You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the selling agent. Given that you are seeking a mortgage with Kent Reliance, ask your prospective lawyers if they are on the Kent Reliance conveyancing panel otherwise they can't do the mortgage legal work.

It has been 2 months since my purchase conveyancing in Ventnor completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?

The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.

About to purchase a new build flat in Ventnor. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.

Set out below are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Ventnor

    Forfeiture - bankruptcy or liquidation must not apply under this provision. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.

I've recently bought a leasehold property in Ventnor. Am I liable to pay 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. However, 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 ensure 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 own a studio flat in Ventnor, conveyancing formalities finalised September 1997. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Ventnor with a long lease are worth £201,000. The ground rent is £45 invoiced every year. The lease finishes on 21st October 2089

You have 65 years remaining on your lease the likely cost is going to span between £13,300 and £15,400 plus plus your own and the landlord's "reasonable" professional fees.

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 without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.

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Sample of conveyancing solicitors in Ventnor regulated by the SRA

It is important to note that the listed firms do not limit their work for conveyancing in Ventnor but also conveyancing throughout England and Wales.

  • A J Careless Limited, 19 Church Street, Ventnor, Isle of Wight, PO38 1SN
  • Lesley A Kemp Solicitor, 2a Sandown Road, Lake, Sandown, Isle of Wight, PO36 9JP

What to expect from a Licensed Conveyancer for conveyancing in Ventnor?

Licensed Conveyancers assist with the transfer of ownership of a property from one person to another and cover conveyancing nationwide as well as Ventnor. If appointed a Licensed Conveyancer governed by the CLC, you can expect:
  • Have an honest and lawful conveyancing.
  • Receive a high standard of legal services.
  • Be supplied with your conveyancing dealt with using care, skill and legal competence.
  • Enjoy the benefit of a high quality of service due to your lawyer’s arrangements, resources, procedures, skills and commitment.
  • Be provided with a service which is accessible and responsive to your individual needs.
  • Not feel discriminated against, victimised or harassed.
  • Not receive a service which is below the level you could expect, however, if you do your lawyer accepts responsibility for this and provides you with any appropriate redress.
  • Have your individual needs taken into account should you make a complaint.
  • Be supplied with a speedy, objective and comprehensive service if making a complaint about your conveyancing in Ventnor about your conveyancing in Ventnor.

Transfer of Equity conveyancing in Ventnor is a complex business, both legally and administratively. The exact order of events varies slightly, below are some of the tasks in the process:

  • Taking instructions from the appropriate parties
  • Investigating the title to the property
  • Following instructions from the lender (where applicable)
  • Negotiating the terms of the transaction
  • Drawing up Transfer or approving the Transfer deed
  • Agreeing adjustments to the draft Transfer
  • Communicating with parties concerning the Transfer
  • Agreeing and preparing for completion
  • Receiving and releasing funds to relevant parties
  • Completing and submitting to HMRC the appropriate Land Tax forms and payment
  • Dealing with the registration formalities for the new ownership and the mortgage (if appropriate) at the HM Land Registry.

*Source acknowledgement: House price data produced by Land Registry as well data supplied by Lexsure Ltd.

© Crown copyright material is reproduced with the permission of Land Registry under delegated authority from the Controller of HMSO.