I have Fifty Six years remaining on my lease and require a lease extension for my flat in Brecon. Conveyancing solicitors on the The Mortgage Works panel can deal with such extensions correct?
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 24/12/2025 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 Issuing Office (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 Issuing Office (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 1.0% 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 Issuing Office):
- 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 Issuing Office (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
- Any lease which is subject to a ground rent (or annual rent) being charged which is more than on a peppercorn basis
- Any lease which is subject to a ground rent (or annual rent) being reviewed and altered on any review basis or methodology
Refer to Issuing Office (Valuer will consider any impact on valuation figure and marketability):
- 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 1.0% 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 Issuing Office):
- 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
- A lease subject to a peppercorn ground rent (annual rent) charges
For the avoidance of doubt, any new build properties completed but not sold pre 30 June 2022 will only be acceptable if the lease conforms to the above guidance
* 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
LEASE EXTENSIONS
We require all lease extensions to be completed under the Leasehold Reform Housing and Urban Development Act 1993 and to meet the above criteria as a minimum. Where you become aware that it does not meet these requirements, please refer to the Issuing Office
Please ensure that all lender enquiries are submitted (with full documentation/requirements) at least 2 weeks prior to exchange to allow sufficient time for review and decisioning.
What is the difference between a licensed conveyancer and conveyancing solicitor in Brecon
Two types of professional can perform conveyancing in Brecon namely licenced conveyancers or solicitors. Both professionals administer conveyancing services that required to complete the disposal or purchase of property. They are both obliged to handle Brecon conveyancing on similar quality and guidelines so you may be sure that your conveyancing will be professionally carried out and that all requisite steps should be correctly taken.
I just bought a flat at auction in Brecon. Conveyancing is needed. What is next?
Given that you are now legally bound yourself to purchase you must hire the services of a conveyancing solicitor quickly as you are faced with a tight deadline in which to complete the transaction. Every auction property will have a corresponding legal pack. This should include the copy title deeds, local authority and drainage searches. In the case of leasehold property the legal pack should contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to leasehold premises. You should give this to the lawyer instructed by you as soon as possible. Do make sure that that you have the requisite funding in order to complete on the on the contractual date .
Forgive me if this question is silly but I am wet behind the ears as a first time buyer of a garden flat in Brecon. Do I collect the keys to the house on the completion date from my conveyancer? If this is the case, I will use a High Street conveyancing solicitor in Brecon?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the completion advance to the vendor’s solicitors, and once they have received this, you should be called to receive the keys from the selling Agents and move into your new home. Usually this happens early afternoon.
The deeds to my property can not be found. The solicitors who handled the conveyancing in Brecon 4 years ago have long since closed. What are my next steps?
As long as the title is registered the information relating to your proprietorship will be held by HMLR under a Title Number. It is possible to carry out a search at the Land Registry, identify your house and secure up to date copies of the property title for a small fee. Where the title is Leasehold then the Land Registry will also normally retain a file duplicate of the Registered Lease and again, a copy can be obtained for a small fee.
I am looking for a ground for flat up to £235,500 and found one round the corner in Brecon I like with open areas and transport links nearby, however it's only got 49 years unexpired on the lease. There is not much else in Brecon suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan the shortness of the lease will be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you could request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
Is it best to appoint a Brecon conveyancing practitioner in close proximity to the house I am buying? I have an old university friend who can handle the conveyancing however her office is over three hundred miles away.
The benefit of a high street Brecon conveyancing practice is that you can attend the office to execute paperwork, deliver your identification documents and apply pressure on them if necessary. They will also have local insight which is a benefit. That being said nothing is more important than finding someone that will do a good and efficient job. If other friends have instructed your friend and in the main were content that should outweigh using an unknown Brecon conveyancing lawyer just because they are based in the area.
I am attracted to a two apartments in Brecon which have about 50 years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Brecon. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the marketability of the lease deteriorates and results in it becoming more expensive to extend the lease. This is why it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena.
I own a 2 bed flat in Brecon, conveyancing was carried out in 2009. How much will my lease extension cost? Comparable flats in Brecon with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease finishes on 21st October 2084
With just 59 years unexpired the likely cost is going to be between £20,900 and £24,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.