We were just about to sign contracts for a property in Clarbeston Road. We encountered a stumbling block. Our loan offer with Accord Mortgages Ltd runs out on 23/4/2026 but the owners are suggesting a completion date of 27/4/2026. Can one extend the mortgage offer?
The best person to address this issue is your conveyancer who will hopefully determine whether they should be discussing with the mortgage company, vendor’s conveyancers, property agents or conceivably all three taking into account the circumstances your transaction as of today.
About to place a bid on a leasehold apartment in Clarbeston Road. The estate agents assure me that it is the norm for flats in Clarbeston Road to have less than 75 years unexpired on the lease. I am getting a mortgage with Nationwide Building Society. Will the property be mortgageable given that the lease has 70 years to go.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 23/2/2026 the requirements read as follows :
- There must be at least 30 years remaining at the end of the mortgage term (regardless of the length of lease at the start).
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
- Where lending is over 85% of the purchase price/valuation on a second hand flat and the unexpired lease term on the offer is 90 years or more - only advise us if the actual lease term is less than 90 years.
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 55 years
- Unexpired lease term less than 90 years where we are lending more than 85% of the purchase price/valuation on a second hand flat
- 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 is 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 55 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% 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 (Minimum 90 years where we are lending more than 85% of the purchase price/valuation on a second hand flat)
- 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 (does not apply to Shared Ownership)
- 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 charged which is more than on a peppercorn basis
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% 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 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.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Clarbeston Road?
There are many registered licenced Conveyancers in Clarbeston Road and Solicitor partnerships in Clarbeston Road who can help with your conveyancing We would stress that the two are regulated professionals specialising in the legal aspects of the home buying process. Both can conduct associated property related work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
Have just purchased a repossessed house at auction in Clarbeston Road. Conveyancing is necessary. What is next?
Given that you have now exchanged you must retain a conveyancing practitioner quickly as you are faced with a fast approaching a drop dead date to complete the deal. An auction property should have an associated legal pack. This will include evidence of title and search results. In the case of leasehold property the auction pack may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to a leasehold property. You need to give this to your appointed conveyancing solicitor as soon as possible. You also need to ensure that your finances are in order to complete the transaction on the set completion date.
I am purchasing a 3 bedroom semi in Clarbeston Road. Our aim is to carry out an extension to the side at the house.Will the conveyancing process involve enquiries to ascertain if these works are allowed?
Your solicitor will review the deeds as conveyancing in Clarbeston Road can occasionally identify restrictions in the title documents which prevent certain works or require the consent of a 3rd party. Certain works require local authority planning consent and approval under the building regulations. Many locations are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. You should check these things with a surveyor before you commit yourself to a purchase.
What does a local search tell me regarding the house my wife and I purchasing in Clarbeston Road?
Clarbeston Road conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search organisations for example Onsearch The local search plays a central part in most Clarbeston Road conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your new home. The search will provide data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.
I have been on the look out for a leasehold apartment up to £245,000 and identified one close by in Clarbeston Road I like with open areas and railway links nearby, the downside is that it only has 49 years on the lease. There is not much else in Clarbeston Road for this price, so just wondered if I would be making a mistake buying a short lease?
If you require a home loan that many years may be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
When it comes to my conveyancing in Clarbeston Road should I be paying 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 Clarbeston Road conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the property lawyer's time in submitting the funds this way.