Our Sheerness lawyer has identified a difference when comparing the information in the valuation survey and what is revealed within the title deeds. My solicitor informs me that he must check that the bank 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 specifications 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.
Can your site be used to recommend a Conveyancing solicitor in Sheerness even where I’m not purchasing or disposing of a house, for instance where I want to buy an office in Sheerness with a loan from Britannia?
Our comparison service is predominantly used to help choose residential conveyancing solicitors in Sheerness but we have listed at the bottom of this page some Sheerness commercial conveyancing firms. You will need to make contact with the company directly to check if they are also authorised to represent Britannia
My solicitor has informed me that flying freehold insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Sheerness?
The right level of flying freehold indemnity insurance should be dictated by who who your lender is. It would differ for example between Birmingham Midshires and Skipton Building Society. Conveyancing practitioners as opposed to members of the public take out such policies.
We have a mortgage agreed in principle with HSBC. Sheerness conveyancing solicitors were selected. What is the average time that one could expect to receive a mortgage offer from HSBC?
Some lenders take longer than others. Have HSBC completed the survey? Have you informed HSBC as to your lawyers' details and checked that your lawyers are on the HSBC conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have instructed a Sheerness property lawyer having checked that they are on the TSB conveyancing panel. Does my lawyer arrange the survey of the property?
TSB will need an independent valuation of the property. Your lawyer will not arrange this. Usually TSB will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Sheerness surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
How does conveyancing in Sheerness differ for new build properties?
Most buyers of new build premises in Sheerness contact us having been asked by the builder to exchange contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Sheerness typically 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 used to new build conveyancing in Sheerness or who has acted in the same development.
I am a negotiator for a long established estate agency in Sheerness where we see a number of leasehold sales derailed due to short leases. I have been given conflicting advice from local Sheerness conveyancing solicitors. Could you confirm whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I bought a 2 bed flat in Sheerness, conveyancing formalities finalised October 2010. How much will my lease extension cost? Comparable properties in Sheerness with over 90 years remaining are worth £191,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease runs out on 21st October 2078
With 53 years unexpired we estimate the premium for your lease extension to be between £27,600 and £31,800 plus legals.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.