Unfortunately I am unable to travel far from Isle Of Wight. Is there a reason why all Isle Of Wight conveyancers are not on all lender panels?
Mortgage companies point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The removal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its conclusions included recommendations for mortgage companies to review their conveyancing panels, which triggered a major policy change in the sector. This resulted in lenders pruning a number of firms off their official list of approved conveyancers .
My brother and I have just purchased a house in Isle Of Wight. We have since encountered a number of issues with the property which we believe were missed in the conveyancing searches. Is there anything we can do? Can you clarify the nature of searches that needed to have been ordered for conveyancing in Isle Of Wight?
It is not clear from the question as what problems have arisen and if they are unique to conveyancing in Isle Of Wight. Conveyancing searches and investigations undertaken as part of the buying process are carried out to help avoid problems. As part of the process, a seller completes a document known as a SPIF. If the information provided is inaccurate, you may have a misrepresentation claim against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Isle Of Wight.
Are the Isle Of Wight conveyancing solicitors identified as being on the Nationwide conveyancing panel, together with their details provided by Nationwide?
Isle Of Wight conveyancing firms themselves provide us confirmation that they are on the Nationwide conveyancing panel as opposed to being supplied with a list from Nationwide directly.
I am assisting my mother sell her property in Isle Of Wight. Will the conveyancing solicitor order the energy assessment or it is for the seller to coordinate?
Following the demise of HIPs, energy performance certificates was left as a compulsory element of moving house. An EPC should be commissioned in advance of the property being put on the market. This is not a task that lawyers normally arrange. If you are using a Isle Of Wight conveyancing lawyer they may be willing to arrange EPC’s due to their contacts with reputable local energy assessors
We are getting a further advance on our home loan from Coventry BS as we want to carry out a loft conversion to our house in Isle Of Wight. Are we obliged to choose a local Isle Of Wight solicitor on the Coventry BS conveyancing panel to deal with the legals?
Coventry BS would not normally appoint firms on their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Coventry BS panel.
We have agreed to purchase a house in Isle Of Wight. A rare aspect is that the roof has a solar panel. Virgin Money have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Virgin Money your lawyer must follow the conveyancing instructions outlined in Section two of UK Finance Lenders’ Handbook for Virgin Money. The Council of Mortgage Lenders’ Handbook stipulates minimum specifications for solar panel roof-space leases, and solicitors are required to report to Virgin Money where a lease fails to meet these requirements. The provisions relate to the installation of panels on properties in England and Wales and is not isolated to Isle Of Wight.
My wife and I own a semi-detached Edwardian house in Isle Of Wight. Conveyancing practitioner represented me and Chelsea Building Society. I did a free Land Registry search last week and there are two entries: one for freehold, the second leasehold with the exact same property. If a house is not a freehold shouldn't I have been informed?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Isle Of Wight and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the position with the conveyancing solicitor who conducted the work.
I've found a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Isle Of Wight. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
The majority of houses in Isle Of Wight are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can help the conveyancing process. It is clear that you are buying in Isle Of Wight in which case you should be shopping around for a Isle Of Wight conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer will advise you fully on all the issues.
I inherited a garden flat in Isle Of Wight, conveyancing having been completed 6 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Isle Of Wight with over 90 years remaining are worth £186,000. The ground rent is £55 per annum. The lease expires on 21st October 2077
With only 52 years remaining on your lease we estimate the price of your lease extension to be between £29,500 and £34,000 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to 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.