I have Fifty Six years unexpired on my lease and need a lease extension for my flat in Cherry Burton. Conveyancing solicitors on the Nationwide Building Society panel can deal with such extensions right?
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. Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 9/1/2025 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.
My stepmother advised me that in buying a property in Cherry Burton there may be a number of restrictions preventing external alterations to a property. Is this right?
There are anumerous of properties in Cherry Burton which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Cherry Burton should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We had instructed conveyancing lawyers locally in Cherry Burton on the Kent Reliance solicitor approved list. They have just invoiced me a separate sum for the legal aspects of the Kent Reliance mortgage. Is this an additional conveyancing fee set by Kent Reliance?
As unfair as it may seem, as long as it’s in their Terms of Engagement or Quote then yes your solicitor may charge a fee for this. This fee is not dictated by Kent Reliance but by your Cherry Burton conveyancing practitioner. Some firms on the Kent Reliance panel will quote an ‘acting for lender’ fee and others do not.
The mortgage over my property is with Yorkshire BS for my property in Cherry Burton. Conveyancing was finalised months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Yorkshire BS?
Yorkshire BS must be informed of your intention prior to renting your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. It may be that Yorkshire BS will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Yorkshire BS directly. It should not be necessary to do this via a Yorkshire BS conveyancing panel solicitor.
I am looking for a leasehold apartment up to £245,000 and identified one near me in Cherry Burton I like with amenity areas and station in the vicinity, however it's only got 49 years unexpired on the lease. I can't really find anything else in Cherry Burton suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you require a mortgage that many years will likely be problematic. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
Due to exchange soon on a leasehold property in Cherry Burton. Conveyancing lawyers have said that they report fully tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Cherry Burton should include some of the following:
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The physical extent of the demise. This will be the apartment itself but could also incorporate a roof space or storage are if appropriate. Your solicitors should enable you to have an understanding of the insurance obligations An explanation as to the provision as set out in the lease to pay service charges - with regard to both the building, and the wider rights a leaseholder enjoys Whether the lease restricts you from subletting the flat, or working from home The landlord’s rights to access the premises. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided.
Leasehold Conveyancing in Cherry Burton - A selection of Questions you should ask before Purchasing
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Who takes charge for maintaining and repairing the block? How many of the leaseholders are in arrears for their maintenance charge payments? This question is important as a) areas may cause problems for the block as the communal areas may start to deteriorate if services are not paid for b) if the leasehold owners have an issue with the managing agents you will want to know about it
Builders have suggested I use a conveyancer and I've received an estimate from them. It's nearly three hundred pounds cheaper than my own Cherry Burton conveyancer. Should I use them?
Builders normally have panels of property lawyers who expedite matters and who know the seller’s paperwork and solicitor. As many developers offer an incentive to use their approved lawyer for this reason, any increased charges can be avoided and a developer will not put forward a conveyancing warehouse and run the risk of having the conveyancing stall when they need an exchange inside a month. A counter-argument for not opting for the recommended property lawyer is that they may prove hesitant to 'push' your interests for fear of alienating the sellers. If you worry that this may be the situation you should remain with your high street Cherry Burton conveyancing practitioner.