Do the conveyancing solicitors listed on your site handle right to buy conveyancing in Fulwell?
We work with a number of conveyancing conveyancers who can service right to buy conveyancing work You should e-mail us in order to get a conveyancing quote.
I am about to put an offer on a leasehold flat in Fulwell. The property agents advise that it is the norm for flats in Fulwell to have less than 75 years unexpired on the lease. I am expecting a mortgage with The Mortgage Works. Is this going to be acceptable if the lease has 70 years left.
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. The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 13/8/2019 the requirements read as follows :
Ground Rents and event fees must be reasonable at all times during the term of the lease. If you’re unsure as to whether the terms of a lease are unreasonable or onerous, please refer the details to us for Valuer consideration. See the guidance below.
SECOND HAND PROPERTIES
Unacceptable - advise Originations (Will be declined):
- Unexpired lease term <70 years
- Ground Rent >0.5% of the property value
- Ground Rent doubles <every 20 years (e.g. doubles every 5, 10 or 15 years)
- Ground Rent is compounded RPI
- Ground Rent review period ≤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 >0.1% and ≤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 >5 and <10 years
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial etc
- Estate Rent Charges >£500 p/a (please provide details of what the charges cover)
- Service Charges >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 >85 years
- Ground Rent ≤0.1% of the property value
- Ground Rent review period ≥10 years
- Ground Rent escalation ≤RPI
NEW BUILD PROPERTIES (includes office conversions)
Unacceptable - advise Originations (Will be declined):
- Unexpired lease term <125 years on a new build flat or <250 years on a new build house
- Starting Ground Rent >0.1% of the property value
- Ground Rent review period ≤ 5 years
- Ground Rent doubles < every 20 years (e.g. doubles every 5, 10 or 15 years)
- 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 >£500 p/a (please provide details of what the charges cover)
- Service Charges >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 ≥125 years on a new build flat or ≥250 years on a new build house
- Starting Ground Rent ≤0.1% of the property value
- Ground Rent review period >5 years
- Ground Rent escalation ≤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
My wife and I own a semi-detached Victorian house in Fulwell. Conveyancing solicitor represented me and Coventry Building Society. I did a free Land Registry search last week and there are a couple of entries: the first freehold, the second leasehold under the matching property. I'd like to know for sure, how can I find out??
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Fulwell and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the situation with your conveyancing practitioner who conducted the conveyancing.
Due to the guidance of my in-laws I had a survey completed on a house in Fulwell before retaining solicitors. I have been told that there is a flying freehold element to the property. The surveyor has said that some mortgage companies will not give a mortgage on a flying freehold house.
It varies from the lender to lender. HSBC has different instructions from Nationwide. If you call us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Fulwell. Conveyancing will be smoother if you use a solicitor in Fulwell especially if they are familiar with such properties in Fulwell.
I am selling my house. My former conveyancers closed down. It would be helpful to have a recommendation of a conveyancing firm. I happen to live in Fulwell if that makes things easier.
Please use our search tool to help you find a solicitor for your conveyancing in Fulwell. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move runs with a minimum of fuss.
I am 14 days into a leasehold purchase having been directed to a firm by the selling agent to carry out the conveyancing in Fulwell. We are not happy. Could you help me find new solicitors?
A solicitor would need to be really poor in order to consider replacing them. Has your loan offer been generated? In the event that it has you will need to make them aware of the new contact details and get the offer are issued to the new lawyers. The conveyancer should be on the mortgage company panel to avoid added fees and frustration. That should be your starting point. Our find a solicitor tool should help you find a bank approved conveyancer for your conveyancing in Fulwell
