Is the fact that my solicitor in Totland is not on my bank's conveyancing panel that there is a problem with the standard of his conveyancing?

It would be unwise to jump to that conclusion. There are plenty of plausible explanations. Just recently a report by the solicitors regulator indicated 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. If you are concerned you should simply call the Totland conveyancing practice and enquire why they are no longer on the approved list for your lender.

In the event thatI was to purchase a simple residential propertyin Totland for cash and have no survey and no local authority searches how much should I expect to have to pay for conveyancing in Totland?

Any savings you would make would be isolated to the costs for searches. A conveyancing practitioner is required to do the vast majority of work - money laundering, communicating with your sellers property lawyer, stamp duty return, register the ownership etc. You might save a bit for them not having to register a mortgage however it will not be a lot.

I purchased a freehold residence in Totland but nevertheless pay rent, why is this and what is this?

It is rare for properties in Totland and has limited impact for conveyancing in Totland 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 hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.

Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.

I am looking for a flat up to £245,000 and identified one close by in Totland I like with amenity areas and station nearby, however it only has 52 remaining years left on the lease. There is not much else in Totland suitable, so just wondered if I would be making a grave error purchasing a short lease?

If you require a mortgage the remaining unexpired lease term will be problematic. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you can ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.

Our solicitor in Totland has discovered a defect with the lease for the property we are purchasing in Totland. The other side have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor has advised that as he is on the lender conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or the lender?

The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. A precondition to being on the lender approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.