We went with a local lawyer for our conveyancing in Rush Green today. Reviewing the Terms I noteI am liable for costs even where the transaction does not complete. Should I go with them or instruct an internet conveyancing brokerage who offer no completion no charge conveyancing in Rush Green?
Generally there is a concession along the lines that if "No Completion No Fee" is offered then the fee levels will tend to be be higher to neutralise the conveyances that fail to complete. You should be mindful that these schemes generally do not cover expenditure for instance Rush Green conveyancing search fees.
About to place an offer on a leasehold property in Rush Green. The property agents say that it is standard for flats in Rush Green to have less than 75 years unexpired on the lease. I am taking out a loan with Nationwide Building Society. Will the property be mortgageable given that the lease has 69 years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing 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 24/9/2020 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
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
- 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 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 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 (does not apply to Shared Ownership)
- Starting Ground Rent greater than 0.1% of the property value
- Ground Rent review period less than or equal to every 5 years
- 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
Refer to Issuing Office (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 greater than £500 p/a (please provide details of what the charges cover)
- Service Charges greater than 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 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
- Starting Ground Rent less than or equal to 0.1% of the property value
- Ground Rent review period greater than 5 years
- Ground Rent escalation less than or equal to 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.
Please help - my lawyer advises that chancel insurance is needed on my purchase. What is the level of cover for Rush Green conveyancing?
The right level of chancel indemnity insurance should be dictated by who who your lender is. It would differ for example between Accord Mortgages Ltd and Virgin Money. Conveyancing practitioners as opposed to borrowers take out such policies.
We have agreed to purchase a house in Rush Green. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Yorkshire BS be concerned?
Given that you are obtaining a mortgage with Yorkshire BS your lawyer must check the conveyancing requirements outlined in Section 2 of UK Finance Lenders’ Handbook for Yorkshire BS. The Council of Mortgage Lenders’ Handbook sets out minimum specifications for solar panel roof-space leases, and conveyancing practitioners are required to report to Yorkshire BS where a lease does not meet these conditions. The specifications relate to the installation of panels on properties in England and Wales and is not isolated to Rush Green.
Our offer on a detached house in Rush Green has been agreed to, but there is a chain. The vendors have placed an offer on on an apartment, but it’s not yet tied up, and have viewings of other apartments in the pipeline. I have chosen a nearby conveyancing solicitor in Rush Green. What do I do now? At what point do I apply for the mortgage with TSB?
It is normal to have anxieties where there is a chain as you are unlikely to want to incur expenses too early (mortgage application is approx £1k, then valuation, Rush Green conveyancing search charges, etc). The first thing to do is ensure that your solicitor is on the TSB conveyancing panel. Concerning the subsequent phase this very much depends on the specifics of your case, attraction to this property and on the state of the market. In a rising market some home buyers will apply for the mortgage with TSB and arrange for the valuation and only if it was satisfactory would they pay their conveyancer to press on with searches.
Me and my brother own a 4 bedroom Georgian property in Rush Green. Conveyancing solicitor represented me and Lloyds TSB Bank. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, the second leasehold under the matching address. I thought I was buying a freehold how can I check?
You need to read the Freehold register you have again and check the Charges Register for 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 Rush Green and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the situation with your conveyancing lawyer who conducted the conveyancing.
How does conveyancing in Rush Green differ for newly converted properties?
Most buyers of new build premises in Rush Green contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is ready to move into. This is because house builders in Rush Green tend to purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Rush Green or who has acted in the same development.
My company is looking to take over a lease of a shop on a shopping parade. Can you recommend lawyers offering fixed costs for non-domestic conveyancing in Rush Green for less than £2000?
We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in Rush Green, including the disposal and purchase of businesses as well as simply premises. Whether you are hoping to acquire or sell a shop, pub, restaurant, office, retail unit or a complete business we can put you in touch with the right firm. As for the charges these will vary based on the structure and nuances of the deal. Let us have your contact information or call so as to enable us to provide you with a detailed commercial conveyancing quote.