Why would I instruct a Hedge End conveyancing firm given that national alternatives are more affordable?
To take your time to find get 2 or 3 like-for-like quotes for conveyancing costs in Hedge End and you should seek a competitive fee calculation but don’t be focused with scouring the internet for the cheapest Hedge End conveyancer. Appointing the right conveyancer can mark the distinction between a smooth and a stressful home move. You need to ensure that you have expert guidance from an experienced lawyer. Emails can't take the place of a telephone conversation and are no substitute for a one to one meeting. Our partner firms will find you a qualified and experienced conveyancing solicitor that will deal with your conveyancing from from the outset to completion, providing a level of continuity that you rarely receive from an internet conveyancer. He or She will update you as to progress making sure that you are never in the dark. Should it ever be necessary to phone the firm you will be sure who you need to speak to and they will endeavour to make sure that you are in the know.
Me and my fiancee are purchasing our first property. The property lawyer has calledto check if we want to purchase additional conveyancing searches. We are really unsure what's recommended for conveyancing in Hedge End
The extent of Hedge End conveyancing searches depends primarily on the premises, the location, the possibility of any of these risks, your familiarity of the area and risks, your general approach to risk. What is important is that you adequately understand what information the searches could supply. You may then make a decision if you personally think you need that information. If uncertain, ask your conveyancing practitioner to guide you.
I have just over seventy years remaining on my lease and need a lease extension for my flat in Hedge End. Conveyancing solicitors on the Nationwide Building Society panel can deal with such extensions correct?
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 30/11/2024 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.
Should my conveyancer be asking questions concerning flooding during the conveyancing in Hedge End.
Flooding is a growing risk for lawyers conducting conveyancing in Hedge End. Plenty of people will acquire a property in Hedge End, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Solicitors are not qualified to impart advice on flood risk, however there are a various searches that can be undertaken by the buyer or on a buyer’s behalf which should figure out the risks in Hedge End. The standard completed inquiry forms sent to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the seller to find out if the premises has suffered from flooding. If flooding has previously occurred and is not disclosed by the owner, then a buyer could bring a compensation claim stemming from an misleading reply. The purchaser’s conveyancers may also commission an environmental search. This will disclose whether there is a recorded flood risk. If so, more detailed inquiries should be carried out.
I used Wolstenholmes a few years ago for my conveyancing in Hedge End. I now require my file but the law firm is no longer operating. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Hedge End of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Been reading online that Hedge End solicitors are more costly than Hedge End conveyancers in Hedge End to use when purchasing a house. Am I better off using a conveyancer or a solicitor if I am purchasing a house in Hedge End.
When it comes to conveyancing in Hedge End the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.