We are about to exchange contracts for a garden flat in Isle of Sheppey. We encountered a problem. Our mortgage offer with TSB runs out on 16/3/2026 but the owners are putting forward a completion date of 18/3/2026. Can one prolong the loan expiry date?
The person best placed to address this question is your solicitors who will hopefully assess whether he or she is better off negotiating with the lender, owner’s representatives, property agents or indeed all three given what has gone on in your transaction to date.
My colleague recommended that where I am buying in Isle of Sheppey I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally quoted for as part of the standard Isle of Sheppey conveyancing searches. It is not a small document of more than thirty pages, listing and setting out significant information about Isle of Sheppey around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Isle of Sheppey Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Isle of Sheppey Education with maps and statistics, Local Amenities and other useful information about Isle of Sheppey.
How does conveyancing in Isle of Sheppey differ for newly converted properties?
Most buyers of new build premises in Isle of Sheppey approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is built. This is because new home sellers in Isle of Sheppey tend to purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Isle of Sheppey or who has acted in the same development.
In scouring the world wide web for the term cheap conveyancing in Isle of Sheppey it reveals many solicitorsin the vicinity. With so much choice what is the best way to find the suitable property lawyer for my move?
The ideal method of finding the right conveyancer is through a trusted referral, so ask colleagues and relatives who have acquired a property in Isle of Sheppey or a local estate agent or financial adviser. Costs for conveyancing in Isle of Sheppey differ, so it's sensible to secure at least four estimates from different companies. Make sure that you know that the charges are assured not to rise.
Can you provide any top tips for leasehold conveyancing in Isle of Sheppey with the intention of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Isle of Sheppey can be bypassed if you instruct lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ conveyancers. Some Isle of Sheppey 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 bank and professional references. The bank reference will need to confirm that the buyers are able to meet 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 solicitors. If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you installed wooden flooring? Isle of Sheppey leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord approving such changes. If you dont have the consents in place do not communicate with the landlord without checking with your lawyer before hand. The majority of freeholders or Management Companies in Isle of Sheppey levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Isle of Sheppey.
I purchased a basement flat in Isle of Sheppey, conveyancing having been completed in 1995. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Isle of Sheppey with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 levied per year. The lease ceases on 21st October 2085
You have 59 years left to run the likely cost is going to range between £20,900 and £24,200 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.