My apartment in Isle Of Wight is up for sale and I have a purchaser. Does my conveyancing practitioner need to be on the Co-operative conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Co-operative conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently at the moment.
How does conveyancing in Isle Of Wight differ for new build properties?
Most buyers of new build premises in Isle Of Wight approach us having been asked by the seller to sign contracts and commit to the purchase even before the residence is built. This is because new home sellers in Isle Of Wight usually acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Isle Of Wight or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a property in Isle Of Wight in advance of retaining lawyers. I have been informed that there is a flying freehold element to the house. Our surveyor advised that some mortgage companies may refuse to issue a mortgage on such a property.
It depends who your proposed lender is. Santander has different requirements from Nationwide. Should you wish to call us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Isle Of Wight. Conveyancing may be slightly more expensive based on your lender's requirements.
Estate agents have just been given the go-ahead to market my 2 bed flat in Isle Of Wight. Conveyancing lawyers have not yet been instructed, however I have recently had a yearly service charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice as normal given that all rents and maintenance payments will be allotted on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Isle Of Wight Leasehold Conveyancing - Sample of Questions you should consider before Purchasing
It is important to be aware if window replacement or some other significant cost is pending that will be shared between the leasehold owners and could well dramatically increase the the maintenance costs or require a one off payment. How many of the leaseholders are in arrears for their service charge payments? How much is the maintenance charge and ground rent on the flat?
I pay a maintenance contribution for my flat in Isle Of Wight. As a result of poor financial planning I slipped behind with payments. The freeholders agreed a payment plan but there is still about £3000 currently outstanding.
I want to sell and I am panicking this will hold me back if I have to pay off the amount due first. I'd like to sell up and then pay them back with the proceeds - is this achievable?
Do speak with the lawyer dealing with your Isle Of Wight conveyancing but one option may be to agree for the outstanding amount to be passed to the buyers. The contractual price due would be adjusted to reflect the amount of debt they assume. They would then deal with the arrears following completion of the purchase.