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Find a Isle Of Wight Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Isle Of Wight? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Isle Of Wight conveyancing at risk of delay or failure.

Only LenderPanel.com provides a subset of authorised Isle Of Wight conveyancers for over 130 lenders.


Recently asked questions about conveyancing in Isle Of Wight

All was ready to complete my purchase in Isle Of Wight next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the bank. What does the insurance need to cover?

All property lawyers on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 requirements. These obligations are not specific to conveyancing in Isle Of Wight.

My wife and I are selling our house in Isle Of Wight and according to the buyers it appears that there is a possibility that the property was built on contaminated land. Any high street Isle Of Wight lawyer would know this is not the case. It does beg the question why the purchasers instructed a factory type conveyancing practice rather than a conveyancing solicitor in Isle Of Wight. Having lived in Isle Of Wight for 5 years we know of no issue. Is it a good idea to contact our local Authority to get confirmation that the buyers are looking for.

It would appear that you have a conveyancing firm already. What do they say? You need to 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 life insurance to cover that same illness)

Due to the input of my in-laws I had a survey completed on a house in Isle Of Wight in advance of appointing solicitors. I have been informed that there is a flying freehold overhang to the property. The surveyor has said that some lenders may not give a loan on this type of house.

It depends who your proposed lender is. Lloyds has different requirements for example to Nationwide. If you call us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Isle Of Wight. Conveyancing will be smoother if you use a solicitor in Isle Of Wight especially if they are accustomed to such properties in Isle Of Wight.

Am I best advised to instruct a Isle Of Wight conveyancing practitioner who is local to the property I am hoping to buy? I have an old university friend who can conduct the conveyancing however his firm is located 200kilometers away.

The benefit of a local Isle Of Wight conveyancing firm is that you can drop in to execute documents, present your ID and apply pressure on them if necessary. They will also have local insight which is a benefit. That being said nothing is more important than finding someone that will pull out all the stops for you. If you know people who instructed your friend and on the whole were content that should surpass using an unfamiliar Isle Of Wight conveyancing solicitor just because they are based in the area.

Can you provide any advice for leasehold conveyancing in Isle Of Wight from the point of view of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Isle Of Wight can be avoided if you appoint lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
  • Some Isle Of Wight leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers. You may think that you are aware of the number of years left on your lease but it would be advisable verify this via your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. If you are supposed to have a share in the Management Company, you should make sure that you are holding the original share certificate. Arranging a re-issued share certificate can be a time consuming process and frustrates many a Isle Of Wight home move. Where a duplicate share is required, you should approach the company director and secretary or managing agents (if relevant) for this as soon as possible.

Isle Of Wight Leasehold Conveyancing - A selection of Queries before Purchasing

    Who manages the building? Does the lease have more than 80 years remaining? Generally speaking the cost for major works tend not to be included within service charges, albeit that some managing agents in Isle Of Wight require leaseholders to pay into a reserve fund and this is used to offset against major works.

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Find out more about how flying freehold can affect your the value of a property.