I have just over seventy years left on my lease and require a lease extension for my flat in Sandown. Conveyancing solicitors on the Platform panel can deal with such extensions correct?

Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Platform have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 9/12/2024 the requirements read as follows :

I just bought a house at auction in Sandown. Conveyancing is required. What are my next steps?

Given that you have now to in every practical sense signed on the dotted line you must retain a conveyancing solicitor quickly as you will have a tight a drop dead date to complete the deal. Every auction property will ordinarily have a bespoke auction set of papers. This should include the copy title deeds, local authority and drainage searches. Where you are dealing with leasehold property the legal pack should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation pertinent to a leasehold property. You should give this to your appointed conveyancing solicitor as soon as possible. Do make sure that you have funds in order to complete the transaction on the set completion date.

A relative pointed out to me me that in purchasing a property in Sandown there may be various restrictions limiting what one can do in terms of external alterations to a property. Is this right?

We are aware of anumerous of properties in Sandown which have some sort of restriction or requirement of consent to external alterations. Part of the conveyancing in Sandown should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.

It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Sandown bank branch on numerous occasions and was informed it wasn't an issue and they would lend. My Sandown conveyancing solicitor - who is on the lender conveyancing panel- called to say that they will not lend based on their published requirements. I simply don't know who is right.

Your conveyancer has to comply with the CML Handbook section two requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.

Due to the guidance of my in-laws I had a survey completed on a property in Sandown ahead of appointing conveyancers. I have been informed that there is a flying freehold element to the house. The surveyor advised that some banks will refuse to grant a mortgage on such a property.

It depends who your proposed lender is. Santander has different requirements for example to Nationwide. If you contact us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Sandown. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Sandown to see if the conveyancing costs will increase in light of this.

I am on look out for some leasehold conveyancing in Sandown. Before diving in I require certainty as to the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and 99.9% are in Sandown - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

Sandown Leasehold Conveyancing - A selection of Queries before Purchasing

What is the name of the managing agents? Many Sandown leasehold properties will have a service charge for the upkeep of the block set on behalf of the management company. Where you acquire the property you will have to pay this liability, normally in instalments during the year. This could vary from a few hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a ground rent for you to pay annual, normally this is not a large amount, say approximately £50-£100 but you need to check as occasionally it could be prohibitively expensive. The best form of lease arrangement is where the freehold title is in the ownership of the leaseholders. In this scenario the lessees benefit from control and notwithstanding that a managing agent is often employed if it is bigger than a house conversion, the managing agent is directed by the tenants.

I have miscalculated my finances and am a few grand short a 10% deposit on my apartment purchase in Sandown , but I am anxious go ahead. Do I have options?

One option is to try and agree a smaller deposit. Most sellers will accept a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.

You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last minute