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Find a Broughton Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Broughton? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Broughton home move at risk of delay or failure.

Only LenderPanel.com provides a subset of authorised Broughton conveyancers for over 130 lenders.


Recently asked questions about conveyancing in Broughton

I am buying a flat in Broughton. My property lawyer is not listed on the mortgage company approved list. Am I still permitted to appoint my Broughton conveyancing solicitor notwithstanding that they are not on the mortgage company panel of approved conveyancing solicitors?

You have numerous alternatives available to you here

  • Proceed with your preferred Broughton solicitor but your bank will no doubt appoint a conveyancing practitioner from their conveyancing panel. The net result is additional charges and potential interruption.
  • Choose a new conveyancer to act in the purchase, making sure they are on the bank conveyancing panel.
  • Convince your solicitor to pull out all the stops to get listed on the mortgage company panel of solicitors

I am about to put an offer on a leasehold flat in Broughton. The estate agents tell me that it is standard for flats in Broughton to have less than 75 years remaining. I am getting a mortgage with The Mortgage Works. Will the property be mortgageable given that the lease has 70 years left.

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 10/7/2019 the requirements read as follows :

Minimum unexpired lease term is 70 years with 30 years remaining at the end of the mortgage term.
Ground Rents and event fees must be reasonable at all times during the term of the lease. If you’re unsure as to whether the terms of a lease are unreasonable or onerous, please refer the details to us for Valuer consideration. See the guidance below.

SECOND HAND PROPERTIES

Unacceptable - advise Originations (Will be declined):
- Unexpired lease term <70 years
- Ground Rent >0.5% of the property value
- Ground Rent doubles <every 20 years (e.g. doubles every 5, 10 or 15 years)
- Ground Rent is compounded RPI
- Ground Rent review period ≤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 >0.1% and ≤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 >5 and <10 years
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial etc
- Estate Rent Charges >£500 p/a (please provide details of what the charges cover)
- Service Charges >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 >85 years
- Ground Rent ≤0.1% of the property value
- Ground Rent review period ≥10 years
- Ground Rent escalation ≤RPI

NEW BUILD PROPERTIES (includes office conversions)

Unacceptable - advise Originations (Will be declined):
- Unexpired lease term <125 years on a new build flat or <250 years on a new build house
- Starting Ground Rent >0.1% of the property value
- Ground Rent review period ≤ 5 years
- Ground Rent doubles < every 20 years (e.g. doubles every 5, 10 or 15 years)
- 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 >£500 p/a (please provide details of what the charges cover)
- Service Charges >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 ≥125 years on a new build flat or ≥250 years on a new build house
- Starting Ground Rent ≤0.1% of the property value
- Ground Rent review period >5 years
- Ground Rent escalation ≤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

A relative recommended that if I am buying in Broughton I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?

This is a search is occasionally included in the estimate for your Broughton conveyancing searches. It is not a small report of about 40 pages, listing and setting out significant information about Broughton around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Broughton Education with maps and statistics, Local Amenities and other useful information about Broughton.

How does conveyancing in Broughton differ for new build properties?

Most buyers of new build property in Broughton contact us having been asked by the developer to sign contracts and commit to the purchase even before the property is finished. This is because builders in Broughton typically buy 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 Broughton or who has acted in the same development.

How easy is it to transfer to a new solicitor as I have to retain one who is on the The Mortgage Works conveyancing panel. I hired a family conveyancing solicitor in Broughton five minutes from me but he is not accepted by The Mortgage Works

It would be our pleasure to help you find a conveyancing solicitor in Broughton on the The Mortgage Works panel. Please note that the law firms that we work with do not pay us fee if you instruct them and are authorised and regulated by the Solicitors Regulation Authority who regulate all conveyancing solicitors in Broughton. In making use of the find a conveyancing solicitor tool on this site, you can scrutinise charges for conveyancing solicitors in Broughton and beyond.

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