The Isle Of Wight conveyancing firm handling our Isle Of Wight conveyancing has uncovered a discrepancy between the surveyor’s assumptions in the valuation survey and what is in the conveyancing documents. My solicitor says that he must ensure that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s approach right?
Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Should commercial conveyancing searches reveal proposed roadworks that may impact a commercial property in Isle Of Wight?
Its becoming the norm that commercial conveyancing solicitors in Isle Of Wight will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in looking into accurate data on highways that impact buildings and development assets in Isle Of Wight. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Isle Of Wight.
For each commercial conveyancing transaction in Isle Of Wight it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately can cause delays to Isle Of Wight commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not ordered for residential conveyancing in Isle Of Wight.
Despite weeks of looking the Title Certificate and documents to our house can not be found. The solicitors who did the conveyancing in Isle Of Wight 5 years ago have long since closed. What are my options?
Gone are the days when you need to hold title deeds to evidence that you are the registered proprietor of land or premises, given that the Land Registry hold details of all registered land or property electronically.
Due to the guidance of my in-laws I had a survey completed on a house in Isle Of Wight in advance of appointing lawyers. I have been informed that there is a flying freehold overhang to the house. My surveyor has said that some banks tend not grant a loan on such a house.
It varies from the lender to lender. Lloyds has different instructions from Birmingham Midshires. Should you wish to call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Isle Of Wight. Conveyancing will be smoother if you use a solicitor in Isle Of Wight especially if they are acquainted with such properties in Isle Of Wight.
What does commercial conveyancing in Isle Of Wight cover?
Isle Of Wight conveyancing for business premises covers a wide array of advice, provided by qualified solicitors, relating to business property. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
Do you have any top tips for leasehold conveyancing in Isle Of Wight from the perspective of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Isle Of Wight can be avoided where you appoint lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the buyers’ conveyancers. Some Isle Of Wight leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Isle Of Wight state that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord approving such alterations. If you dont have the paperwork in place do not contact the landlord without contacting your solicitor before hand. The majority of landlords or Management Companies in Isle Of Wight levy fees for supplying management packs for a leasehold home. You or your lawyers should find out the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Isle Of Wight.
I bought a ground floor flat in Isle Of Wight, conveyancing formalities finalised June 2009. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Isle Of Wight with an extended lease are worth £197,000. The ground rent is £55 yearly. The lease runs out on 21st October 2080
With 54 years remaining on your lease the likely cost is going to span between £32,300 and £37,400 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.