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Find a Frinton and Walton Conveyancing Solictior on Your Lender’s Panel

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

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Recently asked questions about conveyancing in Frinton and Walton

I have just over seventy years left on my lease and need a lease extension for my flat in Frinton and Walton. Conveyancing solicitors on the The Mortgage Works panel can deal with such extensions correct?

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 11/2/2024 the requirements read as follows :

Minimum unexpired lease term is 70 years with 30 years remaining at the end of the mortgage term.
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

Is it the case that all Frinton and Walton CQS (Conveyancing Quality Scheme) solicitors are on the Nationwide conveyancing list of approved solicitors?

A selection of banks and building societies now make use of CQS as the starting point for Panel membership such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of firms.

How can we tell if a Frinton and Walton conveyancing solicitor on the RBS panel is any good?

When it comes to conveyancing in Frinton and Walton obtaining recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always recommend that you speak with the solicitor carrying out your conveyancing.

I have finally had an offer on a maisonette in Frinton and Walton accepted, the owners do however have a dependent purchase. The sellers have put an offer on a property, but it’s not yet tied up, and are looking at other flats in the pipeline. I have chosen a local conveyancing solicitor in Frinton and Walton. What should be my next step? At what stage should I apply for the mortgage with RBS?

It is normal to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is in the region of £1k, then valuation, Frinton and Walton conveyancing search charges, etc). First, you must check that your conveyancing practitioner is on the RBS conveyancing panel. As to the next stages this very much dictated by the uniqueness of your case, desire for this property and on the state of the market. During a hot market many purchasers would apply for a home loan with RBS and pay for the valuation and only if it was satisfactory would they ask their conveyancing practitioner to proceed with the conveyancing in Frinton and Walton.

My step-father has urged me to appoint his lawyers for conveyancing in Frinton and Walton. Do I follow his guidance?

There are no two ways about it the ideal way to find a conveyancing practitioner is to get referrals from friends or relatives who have previously instructed the conveyancer you're considering.

Do you have any top tips for leasehold conveyancing in Frinton and Walton from the point of view of expediting the sale process?

  • Much of the delay in leasehold conveyancing in Frinton and Walton can be avoided if you appoint lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation which will be required by the buyers’ solicitors.
  • If you have had any disputes with your landlord or managing agents it is essential that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is unsettled. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to reveal the dispute as over rather than unresolved. You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check by asking your conveyancers. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is less than 75 years. It is therefore important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. A minority of Frinton and Walton leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.

Frinton and Walton Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to Purchasing

    Is there a share of the freehold? Are there any major works anticipated that will likely add a premium to the maintenance fees? What is the name of the managing agents?

Finally our conveyancing in Frinton and Walton is completing this Friday, however the people I am buying from has asked to move out on the Saturday noon. Can I accept such a idea?

You can't complete on a Saturday due to the bank systems aren't operating.

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