My fiance and I are looking to purchase a property in Isle Of Wight and have appointed a Isle Of Wight conveyancing firm. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Birmingham Midshires have this evening contacted us to advise us that there is now an issue as our Isle Of Wight lawyer is not on their conveyancing panel. Is this a problem?
If you are buying a property with the assistance of a mortgage it is conventional for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Isle Of Wight lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
How up to date is your search tool for Isle Of Wight conveyancing solicitors on the UBS conveyancing panel? Do UBS send you an updated list?
Isle Of Wight conveyancing firms themselves provide us confirmation that they are on the UBS conveyancing panel as opposed to being supplied with a list from UBS directly.
Our lender has suggested a law firm on their panel based in Isle Of Wight but I would rather instruct a conveyancing lawyer in Isle Of Wight or nearer to where I live. Can you help?
Far from all Isle Of Wight conveyancing practitioners are on all banks conveyancing panel. Please make use of the above find an approved solicitor tool to locate a Isle Of Wight conveyancing solicitor on the on the mortgage company panel.
I am buying a detached bungalow in Isle Of Wight. Our aim is to carry out an extension to the side at the property.Will legal work on the property include enquiries to see if these works are allowed?
Your solicitor will review the registered title as conveyancing in Isle Of Wight will on occasion reveal restrictions in the title documents which prevent categories of alterations or require the permission of another owner. Certain extensions call for local authority planning consent and approval in accordance building regulations. Many areas are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. You should check these things with a surveyor before you commit yourself to a purchase.
Is it the case that all Isle Of Wight CQS (Conveyancing Quality Scheme) solicitors are on the Clydesdale conveyancing list of approved solicitors?
A selection of banks and building societies now use CQS as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of firms.
The mortgage over my property is with Nottingham for my property in Isle Of Wight. Conveyancing was finalised a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Nottingham?
Your original mortgage agreement with Nottingham will provide that you need their approval before letting out your property as this is likely to be a breach of Nottingham’s mortgage conditions. It may be that Nottingham will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nottingham directly. It should not be necessary to do this via a Nottingham conveyancing panel solicitor.
I am selling our home in Isle Of Wight and the buyers lawyers are claiming that there is a possibility that the property was constructed land that was not decontaminated. Any local conveyancer would know that there is no such problem. It does beg the question why the purchasers are using a national conveyancing practice as opposed to a conveyancing solicitor in Isle Of Wight. Having lived in Isle Of Wight for many years we know of no issue. Is it a good idea to contact our local Authority to seek confirmation that there is no issue.
It would appear that you have a conveyancing solicitor currently acting for you. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
Should I use a Isle Of Wight conveyancing practitioner who is local to the property I am hoping to buy? We have a good friend who can carry out the conveyancing however his firm is located approximately 350miles drive away.
The benefit of a local Isle Of Wight conveyancing practice is that you can attend the office to sign documents, present your identification documents and apply pressure on them if necessary. They will also have local insight which is a benefit. However nothing is more important than finding someone that will do a good and efficient job. If if people you trust instructed your friend and in the main were content that should surpass using an unfamiliar Isle Of Wight conveyancing solicitor just because they are Isle Of Wight based.