Me and my wife are acquiring our first property. Our lawyer has contact usto ask if we would like to order additional conveyancing searches. Frankly we are clueless as to what's recommended for conveyancing in East Cowes

The range of East Cowes conveyancing searches depends primarily on the premises, the location, the likelihood of any of these risks, your familiarity of the locality and risks, your general attitude to risk. What is important is that you adequately understand what information the searches could provide. Then you can make a decision if you personally think you need that search. Where you are in doubt, ask the property lawyer to recommend.

What happens if my lawyer’s firm is expelled from the Principality Solicitor panel ahead of completing my conveyancing in East Cowes?

The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.

My wife and I are close to exchanging contracts on the sale of our home in East Cowes and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. A local lawyer would know this is not the case. For the life of me I don't know why the purchasers are using a factory type conveyancing outfit as opposed to a conveyancing solicitor in East Cowes. We have lived in East Cowes for 4 years we know of no issue. Should we contact our local Authority to obtain clarification that there is no issue.

It sounds as though you may have a conveyancing firm already. What do they say? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)

About to purchase a new build flat in East Cowes. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.

Here are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in East Cowes

There must be mutual enforceability of lessee’s covenants. 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. Please confirm the Lease plans are surveyor prepared. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.

I've found a house that appears to tick a lot of boxes, at a great figure which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in East Cowes. Conveyancing lawyers have not yet been appointed. Will they explain the issues?

The majority of houses in East Cowes are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in East Cowes in which case you should be looking for a East Cowes conveyancing practitioner and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’sconsent to carry out alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your lawyer will report to you on the legal implications.

I acquired a 2 bed flat in East Cowes, conveyancing having been completed in 1995. How much will my lease extension cost? Comparable flats in East Cowes with over 90 years remaining are worth £202,000. The ground rent is £60 invoiced annually. The lease runs out on 21st October 2082

With just 57 years unexpired we estimate the premium for your lease extension to be between £28,500 and £33,000 plus legals.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.