Why would I use a Kelvedon conveyancing practice given that internet based conveyancers are less expensive?
By all means make sure that you contrast conveyancing costs in Kelvedon and you should seek an affordable quote but don’t become consumed with searching for the cheapest Kelvedon conveyancer. Locating the right conveyancer can mark the distinction between a seamless and a distressing move. You need to ensure that you have expert advice from a trusted lawyer. Emails can't take the place of a telephone conversation and can never replicate a face to face meeting. The firms that we work with will allocate you a qualified and experienced conveyancing solicitor who can deal with your conveyancing from from the outset to completion, providing a level of personalised service that you rarely receive from an web based conveyancer. He or She will update you as to progress making sure that you are never in the dark. Should you need to phone the firm you will know who to ask for and we'll be sure you are kept fully informed.
What does my ID and proof of funds have anything to do with my conveyancing in Kelvedon? Is this really warranted?
In order to comply with Money Laundering Regulations any Kelvedon conveyancing firm will require proof of identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility account evidencing your correct address.
In accordance with Money Laundering Regulations, property lawyers are duty bound to validate not only the identity of conveyancing clients but also the source of fund that they receive in respect of any matter. Refusal to disclose this will lead to your solicitor terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to notify the appropriate authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
About to place an offer on a leasehold flat in Kelvedon. The selling agents say that it is the norm for flats in Kelvedon to have less than 75 years unexpired on the lease. I am obtaining a loan with The Mortgage Works. Will the property be mortgageable given that the lease has 70 years unexpired.
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 19/11/2023 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
I need some fast conveyancing in Kelvedon as I am faced with an ultimatum to sign on the dotted line within 3 weeks. A home loan is not required. Can I escape the need for conveyancing searches to save money and time?
As you are not taking a mortgage you have the choice not to have searches conducted although no lawyer would advise that you don't. With plenty of history conveyancing in Kelvedon the following are instances of what can appear and adversely affect future mortgageability: Refused Planning Applications, Outstanding Charges, Overdue Grants, Railway Schemes,...
I have been on the look out for a flat up to £305k and identified one near me in Kelvedon I like with a park and transport links in the vicinity, the downside is that it's only got 61 years unexpired on the lease. There is not much else in Kelvedon for this price, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a home loan that many years will likely be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
We are four weeks into a residential purchase having been recommend to solicitors by the selling agent to carry out the conveyancing in Kelvedon. We are not happy. Could you help me find new lawyers?
A conveyancer would have to be very poor to suggest diss instructing them. Has the loan offer been sent? In the event that it has you need to make them aware of the replacement conveyancer and get the mortgage documents are re-sent. Your conveyancer needs to be on the lenders panel to avoid supplemental expenses and delays. So that should be your starting point. The search tool can assist you in finding a bank approved solicitor for your conveyancing in Kelvedon