Due to complete my purchase in Isle Of Wight next Friday. My lawyer now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. What risks does the mortgage company expect the insurance to cover?

Any lawyer on acting for banks 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 requirements are not specific to conveyancing in Isle Of Wight.

Should my lawyer be raising questions about flooding as part of the conveyancing in Isle Of Wight.

Flooding is a growing risk for lawyers dealing with homes in Isle Of Wight. There are those who acquire a house in Isle Of Wight, completely expectant that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.

Lawyers are not qualified to offer advice on flood risk, however there are a number of searches that may be undertaken by the buyer or on a buyer’s behalf which should figure out the risks in Isle Of Wight. The standard information given to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the vendor to determine if the premises has ever been flooded. In the event that flooding has previously occurred and is not revealed by the owner, then a buyer may bring a compensation claim resulting from an misleading response. A buyer’s solicitors will also commission an enviro search. This should indicate if there is a recorded flood risk. If so, additional inquiries will need to be made.

How does conveyancing in Isle Of Wight differ for new build properties?

Most buyers of new build property in Isle Of Wight approach us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is built. This is because house builders in Isle Of Wight typically 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 opted to have a survey carried out on a property in Isle Of Wight prior to instructing conveyancers. I have been advised that there is a flying freehold overhang to the property. Our surveyor has said that some lenders may not give a mortgage on a flying freehold home.

It depends who your proposed lender is. Lloyds has different instructions for example to Nationwide. Should you wish to telephone us we can check via the appropriate mortgage company. 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 can be more complicated and therefore you should check with your conveyancing solicitor in Isle Of Wight to see if the conveyancing costs will increase in light of this.

I'm refinancing my primary house to a BTL mortgage with TSB and I will use the ballance of the raised equity as a deposit on another house. The area we are talking about is Isle Of Wight. Will your lawyers be able to act for the two mortgage companies and tie in the conveyances?

Make use of our search tool on this site to check that the solicitors are approved by both banks. On the basis that they are the conveyancer should be able to simultaneously deal with the two deals but you should have a chat with you lawyer and make clear your desired outcome and requirements.