Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a straight forward, no chain conveyancing. Isle Of Wight is the location of the property. Can you shed any light on this issue?
Flying freeholds in Isle Of Wight are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Isle Of Wight you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Isle Of Wight may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
How can the Landlord & Tenant Act 1954 impact my commercial premises in Isle Of Wight and how can your lawyers assist?
The particular law that you refer to gives protection to commercial lessees, giving them the dueness to apply to court for a continuation of occupancy when the lease reaches an end. There are limited grounds where a landlord can refuse a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing firms who use the act to your advantage and help with commercial conveyancing in Isle Of Wight
As co-executor for the will of my grandfather I am disposing of a house in Neath but live in Isle Of Wight. My lawyer (based 260 kilometers awayhas requested that I execute a statutory declaration prior to the transaction finalising. Could you suggest a conveyancing practitioner in Isle Of Wight who can attest this legal document for me?
Technically speaking you are unlikely to need to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or solicitor will be fine regardless of whether they are Isle Of Wight based
There are only Fifty years left on my flat in Isle Of Wight. I now wish to extend my lease but my freeholder is missing. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to prove that you or your lawyers have made all reasonable attempts to track down the landlord. For most situations a specialist should be helpful to carry out a search and prepare an expert document which can be used as evidence that the landlord is indeed missing. It is wise to seek advice from a conveyancer both on proving the landlord’s absence and the application to the County Court overseeing Isle Of Wight.
I bought a split level flat in Isle Of Wight, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Isle Of Wight with an extended lease are worth £216,000. The ground rent is £50 yearly. The lease ends on 21st October 2095
With just 69 years unexpired we estimate the price of your lease extension to span between £9,500 and £11,000 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
At what point do I incur stamp duty payable for my Isle Of Wight house purchase?
The majority of conveyancing practitioners will fill out a stamp duty return for you during your Isle Of Wight conveyancing transaction for you to sign. On completion your conveyancing practitioner will submit the Land Transaction Return Form to the Inland Revenue and - as long as they have the funds - discharge any Stamp Duty due on your behalf.