My brother and I have recently acquired a property in Isle of Sheppey. We have noticed several issues with the house which we believe were omitted in the conveyancing searches. Is there anything we can do? What searches should? have been ordered as part of conveyancing in Isle of Sheppey?
The question is vague as to the nature of the problems and if they are relate to conveyancing in Isle of Sheppey. Conveyancing searches and due diligence undertaken during the buying process are carried out to help avoid problems. As part of the legal transfer of property, the vendor answers a form called a SPIF. If the information is inaccurate, you could possibly take legal action against the vendor for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Isle of Sheppey.
It is is a decade since I purchased my house in Isle of Sheppey. Conveyancing lawyers have now been retained on the sale but I can't find my title deeds. Will this cause complications?
You need not be too concerned. First there is a possibility that the deeds will be with the mortgage company or they may stored with the lawyers who handled your purchase. Secondly in all probability the property will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors acquiring current official copies of the land registers. The vast majority of conveyancing in Isle of Sheppey relates to registered property but in the unlikely event that your property is not registered it is more problematic but is resolvable.
I am about to put a bid on a leasehold property in Isle of Sheppey. The selling agents advise that it is usual for flats in Isle of Sheppey to have less than 75 years remaining. I am taking out a mortgage with The Mortgage Works. Will the property be mortgageable given that the lease has 72 years unexpired.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 23/7/2021 the requirements read as follows :
Where the unexpired lease term is different to that recorded on the mortgage offer, the following clarifies if we need to be informed:
Second hand property:
- If the unexpired lease term on the offer is 85 years or more - only advise us if the actual lease term is less than 85 years
- if the unexpired lease term on the offer is less than 85 years – advise us if the actual lease term is different than reported
- For equity share applications - advise us if the actual lease term is different than reported on the offer
New build property:
- If the unexpired lease term stated on the offer is 125 years (flat) / 250 years (house) or more - only advise us if the actual lease term is less than 125 years (flat) / 250 years (house)
- For equity share applications - always advise us if the actual lease term is different than reported on the offer
Lease terms such as ground rent and event fees must be reasonable at all times during the term of the lease and adhere to our requirements below. If you’re unsure as to whether the terms of a lease are unreasonable or onerous, please refer the details to us in plain English for Valuer consideration. If the potentially onerous terms are in relation to the ground rent please include the current ground rent figure per annum, how often it will be reviewed and the price structure it will be reviewed against. See the guidance below.
SECOND HAND PROPERTIES
Unacceptable - advise Originations (Will be declined):
- Unexpired lease term less than 70 years
- Less than 30 years remaining at the end of the mortgage term
- Ground Rent greater than 0.5% of the property value
- Ground Rent doubles less than every 20 years (e.g. doubles every 5, 10 or 15 years) - acceptable if doubles every 20 years or more
- Ground Rent is compounded RPI
- Ground Rent review period less than or equal to 5 years
Refer to Originations (Valuer will consider any impact on valuation figure and marketability):
- Unexpired lease term is 70 to 85 years
- Ground Rent greater than 0.1% and less than or equal to 0.5% of the property value
- Ground Rent escalation is linked to any indices greater than RPI
- Ground Rent escalation is linked to the value of the building*
- Ground Rent review period is greater than 5 and less than 10 years
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial etc
- Estate Rent Charges greater than £500 p/a (please provide details of what the charges cover)
- Service Charges greater than 0.5% of property value p/a (please provide details of what the charges cover)
- Anything that appears onerous, unusual or out of the ordinary
Acceptable (no requirement to advise Originations):
- Unexpired lease term greater than 85 years
- Ground Rent less than or equal to 0.1% of the property value
- Ground Rent review period greater than or equal to 10 years
- Ground Rent escalation less than or equal to RPI
NEW BUILD PROPERTIES (includes office conversions)
Unacceptable - advise Originations (Will be declined):
- Unexpired lease term less than 125 years on a new build flat or less than 250 years on a new build house
- Starting Ground Rent greater than 0.1% of the property value
- Ground Rent review period less than or equal to 5 years
- Ground Rent doubles less than every 20 years (e.g. doubles every 5, 10 or 15 years) - acceptable if doubles every 20 years or more
- Ground Rent is compounded RPI
Refer to Originations (Valuer will consider any impact on valuation figure and marketability):
- Ground Rent is linked to any indices greater than RPI
- Ground Rent is linked to the value of the building*
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial etc
- Estate Rent Charges greater than £500 p/a (please provide details of what the charges cover)
- Service Charges greater than 0.5% of property value p/a (please provide details of what the charges cover)
- Anything else appears onerous, unusual or out of the ordinary
Acceptable (no requirement to advise Originations):
- Unexpired lease term greater than or equal to 125 years on a new build flat or greater than or equal to 250 years on a new build house
- Starting Ground Rent less than or equal to 0.1% of the property value
- Ground Rent review period greater than 5 years
- Ground Rent escalation less than or equal to RPI
* Where the Ground Rent escalation is linked to the value of the building, please provide the following:
- How is the value of the block/unit currently calculated and if the assessment relates to the block(s), how is the Ground Rent calculated/apportioned per property?
- The current valuation and Ground Rent for each unit
- What is the mechanism for future valuations of the block and how is the Ground Rent calculated/apportioned?
- What is the right of appeal? And is this a documented process within the lease?
- Who bears the cost of the valuation (and appeal) process?
- Confirmation the review period is not less than twenty years
Forgive me if this question is silly but I am wet behind the ears as FTB of a garden flat in Isle of Sheppey. Do I receive the keys to the house on completion from my lawyer? If this is the case, I will instruct a High Street conveyancing solicitor in Isle of Sheppey?
On the day of completion you do not need to attend the conveyancers office in Isle of Sheppey. Your solicitors will transfer the purchase money to the vendor’s solicitors, and shortly after the monies have arrived, you should be invited to collect the keys from the Estate Agents and start moving into the property. This tends to happen between 1 and 3pm.
We previously chose solicitors with offices in Isle of Sheppey on the Leeds Building Society solicitor approved list. They have just invoiced me a separate charge for the legal aspects of the Leeds Building Society mortgage. Is this an additional conveyancing fee specified by Leeds Building Society?
As unfair as it may appear, as long as it’s in their Terms of Engagement or estimate then yes your solicitor can levy a fee for this. The fee is not set by Leeds Building Society but by your Isle of Sheppey solicitor. Plenty of firms on the Leeds Building Society panel will levy an ‘acting for lender’ fee and others do not.
We are getting the release of further funds on our mortgage from Aldermore as we want to conduct improvements to our property in Isle of Sheppey. Do we need to choose a local Isle of Sheppey solicitor on the Aldermore conveyancing panel to deal with the legals?
Aldermore would not normally appoint firms on their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Aldermore conveyancing panel.
Is it possible to change firm as I have to appoint one who is on the Santander conveyancing panel. I hired a family conveyancing solicitor in Isle of Sheppey round the corner but he is not approved by Santander
It would be our pleasure to help you select a conveyancing solicitor in Isle of Sheppey on the Santander panel. Please note that the solicitors that we on the directory do not pay us commission if you instruct them and are under regulation of the SRA who oversee all conveyancing solicitors in Isle of Sheppey. In utilising the find a conveyancing solicitor tool on this page, you can scrutinise charges for conveyancing solicitors in Isle of Sheppey and beyond.
When it comes to my conveyancing in Isle of Sheppey should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Isle of Sheppey conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the solicitor's time in submitting the funds this way.