I have just over seventy years remaining on my lease and need a lease extension for my apartment in Haxby. Conveyancing solicitors on the Nationwide Building Society panel can deal with such extensions right?
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. Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 5/3/2025 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.
We are purchasing a end of terrace house in Haxby. Our aim is to an extension at the rear at the property.Will legal investigations on the property involve investigations to ascertain if these works are allowed?
Your conveyancer should check the registered title as conveyancing in Haxby can sometimes reveal restrictions in the title deeds which restrict categories of changes or need the permission of a 3rd party. Certain additions need local authority planning permissions and approval under the building regulations. Many locations are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. You should check these issues with a surveyor prior to committing yourself to a purchase.
I happen to be the only recipient of my late mum's estate and I have everything in my name now, including the my former home in Haxby. The Haxby property was put into my name in February. I now wish to sell up. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my property ownership could be considered the same way as if I'd bought the house in February. Is the property unsalable for six months?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be affected by that. How practical a view mortgage companies take of it, depend on the lender as this provision is principally there to pick up on subsales or the quick reselling of property.
I have today made my last payment due on my mortgage with Skipton. I assume I don't need a Haxby conveyancing practitioner on the Skipton panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Skipton mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Skipton mortgage from the register. Skipton, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Skipton has sent the Land Registry the discharge electronically, and
- Skipton has instructed the Land Registry to do so
I have been on the look out for a leasehold apartment up to £305k and identified one round the corner in Haxby I like with open areas and railway links nearby, however it only has 52 remaining years left on the lease. I can't really find anything else in Haxby for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you can request that they 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 lawyer about this matter.
I'm refinancing my primary property to a BTL mortgage with Bank of Ireland and I will use the rest of the raised equity as a down payment on further house. The location we are looking at is Haxby. Will your lawyers be able to act for both sets of mortgage companies and tie in the two deals?
Make use of our comparison tool on this site to ensure that the conveyancers are on the appropriate lender panels. Having checked that they are the lawyer should be able to connect the two conveyancing matters but you should have a chat with you conveyancer and communicate your desired outcome and requirements.
Should I appoint a Haxby conveyancing solicitor who is local to the property I am purchasing? I have an old university friend who can execute the legal formalities however his firm is located approximately 350kilometers away.
The benefit of a high street Haxby conveyancing practice is that you can attend the office to execute documents, present your identification documents and apply pressure on them if necessary. They will also have local knowledge which is a benefit. However it's more important to get someone that will do a good and efficient job. If other friends have used your friend and in the main were impressed that must surpass using an unfamiliar Haxby conveyancing solicitor just because they are round the corner.
I am planning to acquire a property and require a conveyancing solicitor in Haxby who is on the bank approved panel. Can you recommend a Haxby or local firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for the bank who carry out conveyancing in Haxby. We dont recommend any particular solicitor.