About to place a bid on a leasehold property in Studley. The selling agents advise that it is the norm for flats in Studley to have less than 75 years left on the lease. I am getting a mortgage with Virgin. Will the property be mortgageable given that the lease has 69 years left.
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. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 19/1/2026 the requirements read as follows :
When it comes to lenders such as Aldermore, do Studley property lawyers face an annual charge to be on the list of approved solicitors?
We are unaware of any lender fees to be on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
Two weeks ago we had a mortgage agreed in principle with Nottingham. Studley conveyancing lawyers are appointed. How long does it take for Nottingham to send the offer to the conveyancing practitioner?
There is no definitive answer here. Have Nottingham completed the valuation? Have you advised Nottingham as to your lawyers' details and checked that your lawyers are on the Nottingham conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Planning on purchasing a maisonette in Studley. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the RBS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Studley solicitor is on the RBS conveyancing panel.
Are there restrictive covenants that are commonly picked up during conveyancing in Studley?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Studley. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Studley differ for new build properties?
Most buyers of new build property in Studley come to us having been asked by the builder to sign contracts and commit to the purchase even before the residence is finished. This is because developers in Studley usually purchase the real estate, 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 conveyancing solicitors 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 Studley or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a house in Studley in advance of instructing conveyancers. I have been advised that there is a flying freehold element to the house. The surveyor advised that some mortgage companies may refuse to give a loan on such a home.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Nationwide. If you e-mail us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Studley. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Studley to see if the conveyancing costs will increase in light of this.
I've recently bought a leasehold house in Studley. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I invested in buying a 1st floor flat in Studley, conveyancing was carried out May 2005. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Studley with over 90 years remaining are worth £202,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease ends on 21st October 2083
With 57 years left to run we estimate the premium for your lease extension to range between £28,500 and £33,000 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.