A loan agreement from HSBC for the remortgage of my 3 bedroom maisonette is coming by the end of next week. Can you recommend a cheap conveyancing law firm in Todmorden?
You are on the wrong site if you are in need of cut-price fees for conveyancing in Todmorden. Our intention is to offer excellent value conveyancing but our intention is not to advertise as being the cheapest. Resist the temptation to appoint brokers teasing you with £100 conveyancing in Todmorden. The optimum outcome, in being led by cheap conveyancing, you will get your money’s worth and at worst you will end up being stung for additional fees and still not get the service required.
I have 70 years left on my lease and require a lease extension for my flat in Todmorden. Conveyancing solicitors on the The Mortgage Works panel can deal with such extensions right?
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. The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 26/4/2025 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
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.
I'm purchasing a new build house in Todmorden with a loan from The Royal Bank of Scotland. The developers would not reduce the price so I negotiated £7000 of additionals instead. The property agent advised me not reveal to my solicitor about this deal as it could affect my loan with The Royal Bank of Scotland. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I decided to have a survey completed on a house in Todmorden ahead of appointing solicitors. I have been advised that there is a flying freehold aspect to the property. My surveyor advised that some mortgage companies may refuse to grant a mortgage on this type of property.
It depends who your proposed lender is. Lloyds has different requirements for example to Nationwide. If you e-mail us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Todmorden. Conveyancing will be smoother if you use a solicitor in Todmorden especially if they are accustomed to such properties in Todmorden.
My wife and I purchased a leasehold house in Todmorden. Conveyancing and Bank of Ireland mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Todmorden who previously acted has now retired. Do I pay?
First make enquiries of HMLR to be sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a Todmorden conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Leasehold Conveyancing in Todmorden - Examples of Questions you should consider Prior to Purchasing
-
It would be prudent to discover as much as you can concerning the managing agents as they can either make life much easier or problematic. As the proprietor of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to daily issues like the tidiness of the common parts. Don't be shy to ask other people whether they are happy with their management. In conclusion, find out the dates that the service fees are due to the managing agents and precisely what you get for your money. In the main the outlay for major works are not incorporated into the service charges, although some managing agents in Todmorden require tenants to contribute towards a reserve fund created for the specific intention of building a fund for larger works. The prefered form of lease arrangement is a share of the freehold. In this arrangement the lessees benefit from control and although a managing agent is often retained where the building is larger than a house conversion, the managing agent employed by the leaseholders.
How much experience do your Todmorden conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Todmorden conveyancing lawyers help thousands of buyers move home every year and helped plenty of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Todmorden conveyancers have worked on recent similar cases.