Our Isle Of Wight conveyancer has uncovered an inconsistency when comparing the assumptions in the home valuation report and what is revealed within the legal papers for the property. My lawyer says that he needs to ensure that the lender is OK with this discrepancy and is content to go ahead. Is my lawyer’s course or action legitimate?
Your solicitor must comply with the UK Finance Lenders’ Handbook requirements 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.
Will commercial conveyancing searches disclose planned roadworks that may impact a commercial site in Isle Of Wight?
Many commercial conveyancing solicitors in Isle Of Wight will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in researching accurate data on highways that impact buildings and development assets in Isle Of Wight. The report provides definitive information 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 every commercial conveyancing transaction in Isle Of Wight it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately could cause delays to Isle Of Wight commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not conducted for residential conveyancing in Isle Of Wight.
The deeds to our property are lost. The conveyancers who dealt with the conveyancing in Isle Of Wight 5 years ago no longer exist. What are my options?
Gone are the days when you need to hold title deeds to establish that you are the registered proprietor of land or property, as the Land Registry have everything they need in a digital format.
Due to the advice of my in-laws I had a survey completed on a house in Isle Of Wight before appointing lawyers. I have been told that there is a flying freehold element to the house. The surveyor has said that some banks tend refuse to issue a mortgage on this type of premises.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used 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 accustomed to 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 range of advice, supplied by qualified solicitors, relating to business premises. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing leases 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 advice for leasehold conveyancing in Isle Of Wight with the purpose of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Isle Of Wight can be bypassed if you instruct lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ conveyancers. The majority of landlords or managing agents in Isle Of Wight charge for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Isle Of Wight. If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be nervous about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as over as opposed to ongoing. Some Isle Of Wight leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. You believe that you know the number of years remaining on your lease but it would be wise to verify this via your lawyers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. In the circumstances it is essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.
I am the registered owner of a 2 bed flat in Isle Of Wight, conveyancing was carried out June 2009. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Isle Of Wight with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease expires on 21st October 2080
With only 54 years left to run we estimate the price of your lease extension to be between £32,300 and £37,400 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.