My wife and I are approaching an exchange on a house in Stoke Sub Hamdon and my parents have sent the ten percent deposit to my solicitor. I am now advised that as the deposit has been sent from someone other than me my lawyer needs to make a notification to my lender. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I advised the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to delay the deal?
Your conveyancer is duty bound to clarify with the bank to ensure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
In what way does my ID and proof of funds have anything to do with my conveyancing in Stoke Sub Hamdon? What am I being asked for?
To satisfy the Money Laundering Regulations any Stoke Sub Hamdon conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility account showing your correct address.
In accordance with Money Laundering Regulations, conveyancers are required to ascertain not only the ID of conveyancing clients but also the source of monies that they receive in respect of any matter. Refusal to disclose this will result in 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 will have an obligation to notify the appropriate authorities should they believe that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
About to place a bid on a leasehold property in Stoke Sub Hamdon. The selling agents advise that it is usual for flats in Stoke Sub Hamdon to have less than 75 years left on the lease. I am obtaining a loan with Nationwide Building Society. Is this going to be a problem if the lease has 69 years to go.
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 15/6/2025 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.
Is there a list of Santander panel solicitors in Stoke Sub Hamdon on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. A small selection of banks make their panel listings visible over the internet. Where you are seeking to appoint a Stoke Sub Hamdon property lawyer on the Santander please use our tool.
Last month we had a mortgage agreed in principle with Aldermore. Stoke Sub Hamdon conveyancing practitioners are chosen. How long does it take for Aldermore to send the offer to the conveyancing practitioner?
Some lenders take longer than others. Have Aldermore completed the survey? Have you advised Aldermore as to your lawyers' details and checked that your lawyers are on the Aldermore conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have finally had an offer on a maisonette in Stoke Sub Hamdon accepted, but there is a chain. The vendors have offered on on an apartment, however it’s not yet tied up, and are looking at other apartments booked. I have instructed a bricks and mortar conveyancing solicitor in Stoke Sub Hamdon. What do I do now? When should I get the mortgage application with Aldermore started?
It is usual to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx £1k, then valuation, Stoke Sub Hamdon conveyancing search costs, etc). First, you should check that your lawyer is on the Aldermore conveyancing panel. Regarding the next stages this very much depends on the specifics of your transaction, desire for the property and on the state of the market. During a rising market the majority of buyers will apply for the mortgage with Aldermore and pay for the valuation and only if it was satisfactory would they pay their solicitor to proceed with searches.
I am buying a new build house in Stoke Sub Hamdon with a loan from Britannia. The builders would not move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep suggested that I not inform my lawyer about the deal as it would impact my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
My cousin is purchasing a basement flat in Stoke Sub Hamdon. He has received an estimate by the property lawyer connected to the estate agents totaling £1250 . It was 9 years ago I sold and purchased a home and the fee was £450. Have charges really gone up that much?
You should call a few local Stoke Sub Hamdon conveyancing solicitors requesting estimates. You should base your selection not just on cost, but on promptness and on how comprehensive the response is.