Is there a reason why leasehold purchase conveyancing in Isle Of Wight costs more?

The conveyancing charges on a leasehold premises in Isle Of Wight is frequently higher when contrasted to a freehold acquisition or disposal. This is due to the additional work required in communicating with the freeholder and managing agents to obtain information concerning whether the rent and service fee have been cleared and whether there are any significant expenditure in the near future on repairs or maintenance of the block.

My mortgage company has suggested solicitors on their panel based in Isle Of Wight but I would rather choose a conveyancing lawyer in Isle Of Wight local to me. Are you able to help?

It is by no means the case that all Isle Of Wight conveyancing firms are on all lender’s conveyancing panel. Please make the most of the above find an approved solicitor tool to locate a Isle Of Wight conveyancing firm on the on the bank panel.

What is the difference between a licensed conveyancer and conveyancing solicitor in Isle Of Wight

There are many recorded licenced Conveyancers in Isle Of Wight and Solicitor firms in Isle Of Wight who provide Conveyancing services We would stress that the two are regulated professionals specialising in the legal aspects of the home buying process. The two can deal with associated property related work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.

I have decided to exercise my right to buy my property in Isle Of Wight off the council. I have a mortgage agreed with Santander. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?

It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Santander, you will need to appoint a solicitor on the Santander conveyancing panel.

TSB have agreed my home loan in principle, my offer on a flat in Isle Of Wight has been agreed to, what are the next steps?

The property agent will want to know who your solicitors are (be sure the lawyers are on the lender’s approved list). Call up TSB or the financial adviser and complete any relevant forms. TSB will instruct a valuer who will get in contact with the estate agent or seller to schedule an appointment. Once carried out (assuming no problems) it takes about ten days to get a mortgage offer. TSB will send the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Isle Of Wight.

How does conveyancing in Isle Of Wight differ for newly converted properties?

Most buyers of new build property in Isle Of Wight come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is built. This is because house builders in Isle Of Wight usually purchase the land, 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 property lawyers 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.

I am attracted to a couple of apartments in Isle Of Wight both have approximately forty five years left on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Isle Of Wight is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the property. For most purchasers and lenders, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Isle Of Wight conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I inherited a 2 bed flat in Isle Of Wight, conveyancing was carried out 6 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Isle Of Wight with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease expires on 21st October 2087

You have 62 years left to run the likely cost is going to be between £17,100 and £19,800 plus plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.