Are the Isle Of Wight conveyancing solicitors identified as being on the Kent Reliance conveyancing panel, together with their details provided by Kent Reliance?

Isle Of Wight conveyancing firms themselves provide us confirmation that they are on the Kent Reliance conveyancing panel as opposed to being supplied with a list from Kent Reliance directly.

I had intended to instruct a conveyancing solicitor in Isle Of Wight for our house move. Our financial adviser has since notified us that our mortgage company Virgin Money won't deal with them. Surely this is unduly restrictive?

A decade ago most lenders had an appetite for risk which was higher than today. Almost all Isle Of Wight conveyancing firms would have been on most mortgage company panels. The Financial Services Authority in 2010 carried out a thematic investigation into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more information from law firms relating to their operations and their employees as well as establishing certain criteria such a completing on a minimum amount of conveyancing. Many Isle Of Wight conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Isle Of Wight is one of the thousands of areas where the lawyers showing on our search results are are authorised to act for Virgin Money.

Should our lawyer be raising enquiries about flooding during the conveyancing in Isle Of Wight.

Flooding is a growing risk for solicitors specialising in conveyancing in Isle Of Wight. There are those who buy a house in Isle Of Wight, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.

Lawyers are not qualified to impart advice on flood risk, but there are a number of searches that may be carried out by the purchaser or on a buyer’s behalf which can give them a better understanding of the risks in Isle Of Wight. The conventional set of completed inquiry forms given to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the seller to determine if the property has historically flooded. In the event that the residence has been flooded in past which is not revealed by the vendor, then a buyer may issue a compensation claim as a result of such an incorrect answer. The buyer’s solicitors will also conduct an environmental search. This should reveal whether there is any known flood risk. If so, additional inquiries should be carried out.

Just bought a detached house in Isle Of Wight , how long will it take for the Land Registry to deal with the formalities evidencing the transfer to my name? My Isle Of Wight conveyancing solicitor works at snail pace, so I want to be sure that my name is recorded.

There is nothing unique about conveyancing in Isle Of Wight registration formalities. As opposed to being determined by geographic area, timeframes can adjust subject to who lodges the application, whether it is in order and if the Land registry need to notify any third parties. As of today approximately three quarters of submission are completed in less than three weeks but occasionally there can be protracted delays. Registration is effected once the purchaser has moved in to the premises so 'speed' is not typically primary concern but where there is a degree of urgency associated with the registration then you or your solicitor can communicate with the Registry to express the reasoning for an expedited registration.

In relation to leasehold conveyancing in Isle Of Wight what are the most common lease defects?

There is nothing unique about leasehold conveyancing in Isle Of Wight. Most leases are individual and drafting errors can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:

Maintenance charge proportions which don’t add up to the correct percentage A provision to repair to or maintain elements of the property

A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Leeds Building Society, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.

Isle Of Wight Conveyancing for Leasehold Flats - A selection of Queries Prior to buying

Make sure you enquire if there are any onerous restrictions in the lease. For example it is fairly common in Isle Of Wight leases that pets are not permitted in in a block in Isle Of Wight. If you like the apartmentin Isle Of Wight but your dog can’t move with you then you will be faced difficult choice. How many of the leaseholders are in arrears for their service charge payments? Does the lease have more than 85 years remaining?