Delayed Completion Seller – FAQ

Q. What happens to my mortgage if I exchange now and complete in 7 years?

We will obtain permission from your lender to let the property and carry on paying the existing mortgage until such time that we complete. At completion, your mortgage will be discharged

Q .Can  I buy another property in the future and still be able to get mortgage?

Yes you can, in effect you will have a ‘buy to let’ mortgage and the new mortgage that you are applying for will be a residential mortgage.

Q. After exchange of contracts, do I need to worry about maintenance or any costs on the property until it completes?

No, all running expenses for the property will be covered by the new purchaser.

Q. What happens if Kent Property Solutions is placed into receivership before the sale completes?

The receivers will look the value of the contract. If there is sufficient value – which we ensure there always is at exchange, they will look to trade the contract for the value. Normally the buyer and seller will be given the opportunity to complete.

Q. I have a lot of equity in my property, Is it possible to purchase using your purchase system?

Yes, We would assist you in releasing funds from the first property and reinvest in your next purchase

Q. What security do I have that my property and money left in the property are safe?

We register our ‘Notice and Restriction’ on the title with land registry.