A loan agreement from HSBC for the remortgage of my 4 room flat is coming imminently. Are you able to put forward a low cost conveyancing lawyer in Sipson?
You are on the wrong site if you are in need of cut-price fees for conveyancing solicitors in Sipson. Our aim is to provide affordable conveyancing but we do not advertise as being the cheapest. Avoid the trap of appointing companies offering the bait of low cost conveyancing in Sipson. The optimum result, in being led by low cost conveyancing, you will get your money’s worth and at worst you will end up paying a lot in additional fees and still not get the service expected.
I have 71 years unexpired on my lease and require a lease extension for my flat in Sipson. Conveyancing solicitors on the The Mortgage Works panel can deal with such extensions correct?
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 21/1/2022 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 Originations (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 Originations (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 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 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 Originations (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
- Starting Ground Rent greater than 0.1% of the property value
- Ground Rent review period less than or equal to 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 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 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 Originations):
- 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
The deeds to my house can not be found. The solicitors who conducted the conveyancing in Sipson 4 years ago no longer exist. What are my next steps?
As long as you have a registered title the details of your ownership will be retained by HMLR under a Title Number. It is easy to perform a search at the Land Registry, identify your house and obtain up to date copies of the Registered Entries for a small fee. If the title is Leasehold then the Land Registry will in most cases retain a certified copy of the Registered Lease and again, a copy can be retrieved for a small fee.
Due to the encouragement of my in-laws I had a survey completed on a property in Sipson prior to appointing conveyancers. I have been advised that there is a flying freehold aspect to the property. The surveyor advised that some banks will not grant a loan on a flying freehold property.
It varies from the lender to lender. HSBC has different instructions from Birmingham Midshires. Should you wish to telephone us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Sipson. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Sipson to see if the conveyancing will be more expensive.
In my capacity as executor for the estate of my uncle I am selling a residence in Newport but I am based in Sipson. My solicitor (who is 260 kilometers awayneeds me to sign a stat dec prior to completion. Could you suggest a conveyancing solicitor in Sipson to witness this legal document for me?
strictly speaking you are unlikely to need to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or solicitor will be fine regardless of whether they are Sipson based
Can you provide any advice for leasehold conveyancing in Sipson with the intention of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Sipson can be reduced where you get in touch lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation needed by the buyers’ conveyancers. You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check by asking your solicitors. A buyer’s lawyer will not be happy to advise their client to where the lease term is less than 80 years. In the circumstances it is important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. If you have carried out any alterations to the property would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Sipson state that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord acquiescing to such changes. Where you dont have the consents to hand you should not communicate with the landlord without checking with your lawyer in the first instance. If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to present the dispute as historic rather than unsettled. If you hold a share in a the freehold, you should make sure that you hold the original share certificate. Organising a new share certificate can be a lengthy formality and slows down many a Sipson home move. Where a duplicate share certificate is needed, you should approach the company officers or managing agents (if applicable) for this as soon as possible.
After years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Sipson. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Where there is a missing freeholder or where there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the LVT to decide the amount due.
An example of a Freehold Enfranchisement matter before the tribunal for a Sipson flat is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case affected 2 flats. The remaining number of years on the lease was 69 years.