We were just about to sign contracts for a leasehold flat in Sandown. We have hit a stumbling block. Our mortgage offer with Clydesdale runs out on 18/11/2026 but the vendors are putting forward a completion date of 20/11/2026. Is it possible to extend the loan expiry date?
The person best placed to deal with your question is your solicitors who should assess whether they corresponding with the lender, seller’s solicitors, estate agents or conceivably all parties taking into account the circumstances your transaction to date.
Finally the sale completed on my house in Sandown last October yet the purchaser is SMS messaging me to moan that their lawyer needs to hear from mine. What are the post completion sale legalities following completion?
Following your sale your lawyer should deliver the transfer documentation and all additional paperwork to the purchaser's solicitors. Depending on the transaction, your lawyer should also evidence that the legal charge in favour of the lender has been redeemed to the buyers conveyancers. There are no post completion formalities peculiar conveyancing in Sandown.
My property lawyer in Sandown has never been on on the The Royal Bank of Scotland Solicitor Panel. Can I still retain my family solicitor notwithstanding that they are excluded from the The Royal Bank of Scotland approved list?
Your options are as follows:
- Carry on with your existing Sandown solicitors but The Royal Bank of Scotland will need to instruct a solicitor on their panel. This will inevitably rack up the overall conveyancing charges and result in delays.
- Get an alternative lawyer to to deal with the purchase, remembering to check they are on the The Royal Bank of Scotland panel
Due to the guidance of my in-laws I had a survey completed on a property in Sandown ahead of appointing solicitors. I have been told that there is a flying freehold overhang to the house. The surveyor advised that some mortgage companies will not give a mortgage on such a home.
It varies from the lender to lender. HSBC has different requirements for example to Halifax. Should you wish to call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Sandown. Conveyancing may be slightly more expensive based on your lender's requirements.
I am tempted by the attractive purchase price for a couple of flats in Sandown both have in the region of 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Sandown is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of purchasers and mortgage companies, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Sandown conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Leasehold Conveyancing in Sandown - Examples of Questions you should consider before Purchasing
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The answer will be important as a) areas may result in problems in the block as the common areas may start to deteriorate if maintenance are not paid for b) if the leasehold owners have a dispute with the managing agents you will wish to have all the details How much is the maintenance charge and ground rent on the apartment?
Do I have to pop into the offices of the lender conveyancing panel solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Sandown so that I can pop in to their offices if required.
Most conveyancing panel lawyers for the bank undertake conveyancing via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. YOu dont have to use a conveyancing solicitor in Sandown. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.