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Find a Colyton Conveyancing Solictior on Your Lender’s Panel

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

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Recently asked questions about conveyancing in Colyton

About to place a bid on a leasehold flat in Colyton. The estate agents assure me that it is usual for flats in Colyton to have less than 75 years left on the lease. I am getting a mortgage with The Mortgage Works. Will the property be mortgageable given that the lease has 72 years left.

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. The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 5/7/2019 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

I acquired my house on 4 June and the transaction details is yet to be on the land registry website. Any reason for this? My conveyancing solicitor in Colyton expressed confidence that it should be registered in less than a month. Are properties in Colyton uniquely lengthy to register?

As far as conveyancing in Colyton registration is no quicker or slower than the rest of England and Wales. Rather than based on location, timeframes can adjust according to who lodges the application, whether it is in order and if the Land registry communicate with any 3rd persons or bodies. Currently approximately three quarters of such applications are fully dealt with in less than three weeks but some can be subject to longer delays. Historically registration is effected once the purchaser is living at the property therefore 'speed' is not always primary concern yet where there is a degree of urgency associated with the registration then you or your conveyancer could communicate with the Registry to express the reasoning for an expedited registration.

Due to the guidance of my in-laws I had a survey completed on a house in Colyton before appointing lawyers. I have been told that there is a flying freehold element to the property. Our surveyor has said that some lenders tend refuse to issue a loan on this type of home.

It varies from the lender to lender. HSBC has different instructions for example to Birmingham Midshires. If you contact us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Colyton. Conveyancing will be smoother if you use a solicitor in Colyton especially if they are familiar with such properties in Colyton.

How difficult is it to transfer to a new firm as I have to appoint a firm on the Skipton Building Society conveyancing panel. I hired a high street conveyancing solicitor in Colyton five minutes from me but the firm is not accepted by Skipton Building Society

We will our best to assist in finding you a conveyancing solicitor in Colyton on the Skipton Building Society panel. Please note that the law firms that we work with do not pay us fee if you instruct them and are regulated by the Solicitors Regulation Authority who oversee all conveyancing solicitors in Colyton. In utilising search facility on this site, you can compare and instruct different solicitors and conveyancers both nationally and in Colyton.

My mortgage broker has suggested using their lawyer for my conveyancing in Colyton - Is it not simpler advisable to just instruct them?

It is not always the case and you are entitled to use whichever property lawyer you decide for your Colyton conveyancing. A solicitor put forward by a 3rd party adviser may not necessarily be the best conveyancing practitioner, they may recommend their preferred conveyancing firm who are based far away. In this instance you may not have contact with your property lawyer and due to the lack of continuity in the transaction, it may be difficult to obtain progress reports.

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Find out more about how flying freehold can affect your the value of a property.