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Transfer of Equity in Isle Of Wight

A transfer of equity occurs when a property owner wishes to change the legal ownership of the property. Reasons include marriage, divorce and tax planning.

Homeward Legal's solicitors offer expert legal assistance with your transfer of equity.

Get an instant quote for a transfer of equity in Isle Of Wight.

Remortgage Solicitors Isle Of Wight

Homeward Legal's panel of solicitors carry out remortgage conveyancing for Isle Of Wight clients every week.

We strive to complete your remortgage legal work quickly, so that you benefit from your new mortgage deal as soon as possible.

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Conveyancing in Isle Of Wight Q & A's

Profile photo of Lorraine Imhoff

By

Ask Lorraine a question lorraine@homewardlegal.co.uk

Updated: 18/01/17

Isle Of Wight area information

Carisbrooke Castle English Heritage and Arreton IOW Robin Hill CP Country Park are easily accessible from Isle Of Wight.

Smallbrook Junction station is around 7 miles from Isle Of Wight. Isle Of Wight's closest airport is Sandown IoW Airport (6 miles). Southampton Airport is 18 miles, Bembridge IoW Airport is 10 miles, and Bournemouth International Airport is 24 miles away.

The closest hospital to Isle Of Wight is Newport, St Marys.

Q.

On the purchase of a £758,000 house, what will be the fees? I need to find discount conveyancing in Isle Of Wight.

A.

Confusion over this point catches out many sellers and buyers, and can leave them paying far more in fees than they budgeted. Many solicitors offer so-called 'the cheapest conveyancing quotes'. Unfortunately extra fees are often hiding in the terms that sellers and buyers often do not check. Any extra charges needs to be fair and only come into force where your solicitor is required to complete extra work on your behalf, which could not be anticipated at the start of the process. Based on the property you intend to buy, our online quote calculator will generate an accurate statement of conveyancing fees.

Q.

Our lender will be Northern Rock - is there anything we need to be aware of?

A.

Prior to recent changes, most solicitors could act for the majority lenders. Buyers should know that, in some cases, lenders are now reducing their 'solicitor panel', resulting in greater legal costs for property buyers if their solicitor is unable to act both on their behalf, and for their lender. Homeward Legal are able to act for all large CML-approved lenders to ensure that you will not need to pay an additional fee for your lender's solicitor.

Q.

The current owner has added ill-suited windows on the maisonette which I think might breach the Carisbrooke conservation area guidelines.

A property lawyer will always ascertain whether the property is inside a designated conservation area, and if so, whether any alterations have essential consents. In the event that no local authority consents be available your conveyancing solicitor will recommend the best alternative which can include requesting an indemnity insurance policy or requesting retrospective approval from Isle of Wight council.

Q.

How can I avoid gazumping?

A.

This happens when a house seller acknowledges an offer and then rejects it in favour of another buyer's offer. Gazumping could occur even months into a sale. Although being gazumped is less common in a declining market, there will always be a risk. The first step in reducing the chance that gazumping will effect you is to instruct a fast, efficient solicitor early, and even before acceptance of an offer.

Q.

Is an environmental search a fee or disbursement?

A.

Disbursements and fees should be clearly stated on a quote, with all potential additional costs clearly stated. This charge is a disbursement not a fee, and is passed on at cost.

Q.

Is a building survey a good idea when purchasing a property in Isle Of Wight?

A.

The Royal Institution of Chartered Surveyors strongly advise that you arrange an inspection. A wide range of defects can negatively affect a property, for example cracked roof tiles. These will not be reported on by a solicitor.

Q.

When my partner and I are purchasing a property on the same street as a 14th Century rectory manor in Isle Of Wight, do we need a chancel liability search?

A.

Property owners near to local churches must contribute towards the cost of repairs, where chancel repair liability exists. Terms used in a property's name, like 'vicarage', may indicate chancel liability. Your conveyancing lawyer will suggest an appropriate indemnity policy to address chancel liability.

Q.

What is the council tax on a period detached Band F dwelling in Isle Of Wight?

A.

You will be briefed about your homes band in the conveyancer's title report. Up-to-date rates for homes in Isle Of Wight are published at the Isle of Wight council website. At the time of writing, 25 November 2012, the different rates are:

  • Band A - £979.00
  • Band B - £1,142.00
  • Band C - £1,305.00
  • Band D - £1,468.00
  • Band E - £1,794.00
  • Band F - £2,120.00
  • Band G - £2,446.00
  • Band H - £2,936.00

 
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