Can conveyancing in East Cowes to be finalised inside 3 weeks?

Where the seller is applying pressure to complete it is highly recommended that your conveyancer is familiar with the area as they will benefit local connections and knowledge. It is possible that they may have conducted otherhouses in the same street. Therefore consider using a East Cowes conveyancing firm. Second, check that the conveyancing firm is on the lender panel. It is said that nearly one in five of East Cowes conveyancing transactions are suspended or derailed after discovering a purchaser’s conveyancer was not on their mortgage lender’s member panel. This can often result in the transaction being frustrated by an average of 21 days. It is said that this issue impacts in the region of 100,000 home moves every year. Most East Cowes conveyancing firms can not represent certain mortgage companies so do check at the outset.

A friend advised me that in purchasing a property in East Cowes there may be a number of restrictions prohibiting external changes to a property. Is this right?

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

We have a mortgage agreed in principle with Skipton. East Cowes conveyancing practitioners have been appointed. How long does it take for Skipton to send the offer to the lawyer?

Some lenders take longer than others. Have Skipton completed the valuation? Have you advised Skipton as to your lawyers' details and checked that your lawyers are on the Skipton conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.

I have a mortgage with Clydesdale for my property in East Cowes. Conveyancing has been completed a year ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Clydesdale?

You must advise Clydesdale prior to renting your property as this is likely to be a breach of Clydesdale’s mortgage conditions. It may be that Clydesdale will allow you to rent 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 Clydesdale directly. You need not do this via a Clydesdale conveyancing panel lawyer.

It has been 4 months following my purchase conveyancing in East Cowes concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. 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 residence 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.

I'm purchasing my first flat in East Cowes benefiting from help to buy. The builders refused to budge the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep told me not inform my solicitor about this extras as it could affect my loan with the lender. Is this normal?.

All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.

Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.

Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.

I opted to have a survey carried out on a property in East Cowes ahead of retaining lawyers. I have been told that there is a flying freehold element to the property. Our surveyor advised that some lenders tend not give a mortgage on such a premises.

It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. Should you wish to call us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in East Cowes. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in East Cowes to see if the conveyancing costs will increase in light of this.