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Recently asked questions about conveyancing in Kidwelly

My previous conveyancer has given a fee calculation of £1400 for leasehold conveyancing in Kidwelly. I’m hoping to downsize from a purpose built property for £225,000. Is this too much? Is it above the average fee for conveyancing in Kidwelly?

The estimate does seem a tad overpriced. If you shop around you may be able to get the conveyancing a bit cheaper by say £125. On the other hand, you couldcome to regret opting for an a cheaper conveyancer. If is important to ensure the solicitor can represent your bank. Do employ our search tool to get a quote a Kidwelly conveyancing company on the lender’s conveyancing panel which can often include conveyancing solicitors in Kidwelly.

I am about to put a bid on a leasehold property in Kidwelly. The selling agents advise that it is standard for flats in Kidwelly to have less than 75 years unexpired on the lease. I am obtaining a loan with Nationwide Building Society. Will the property be mortgageable given that the lease has 72 years unexpired.

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 11/3/2024 the requirements read as follows :

- Our minimum unexpired lease term is 55 years, except where lending is over 85% of the purchase price/valuation on a second hand flat, in which case our minimum unexpired term is 90 years.
- 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 bid for a property was accepted at auction in Kidwelly. Conveyancing is needed. What are my next steps?

Having exchanged you must find a conveyancing solicitor quickly as you now have a tight a drop dead date to complete the conveyancing. All auction property will ordinarily have a corresponding legal pack. This will include most,if not all of the documents that your conveyancer will need. If you have purchased leasehold property the auction papers should include a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to a leasehold property. You must hand this to the conveyancer working for you ASAP. Do make sure that that you have the requisite funding in place to complete the transaction on the set completion date.

We had appointed conveyancing lawyers with offices in Kidwelly on the Leeds Building Society solicitor panel. They are now charging me a separate amount for handling the Leeds Building Society mortgage. Is this a supplemental conveyancing fee set by Leeds Building Society?

Unfortunately, as long as it is in their Terms and Conditions or estimate then yes your lawyer is entitled to charge a fee for this. The charge is not dictated by Leeds Building Society but by your Kidwelly solicitor. Numerous firms on the Leeds Building Society panel will levy an ‘acting for lender’ fee and others do not.

My offer on a house in Kidwelly has been agreed to, the sellers do however have a tied purchase. The vendors have put an offer on a property, however it’s not yet tied up, and are looking at other flats booked. I have instructed a bricks and mortar conveyancing solicitor in Kidwelly. What do I do now? At what point do I apply for the mortgage with Aldermore?

It is usual to have anxieties where there is a chain as you are unlikely to want to incur expenses too early (home loan application is approx £1k, then valuation, Kidwelly conveyancing search fees, etc). First, you must ensure that your property lawyer is on the Aldermore approved list. Concerning the subsequent stages this very much dictated by the specifics of your case, motivation for this property and on the state of the market. In a rising market many buyers will apply for a home loan with Aldermore and pay for the valuation and only if it comes back ok would they pay their property lawyer to press on with the conveyancing in Kidwelly.

Are there restrictive covenants that are commonly picked up as part of conveyancing in Kidwelly?

Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Kidwelly. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’

The estate agent has sent us the confirmation of our purchase of a new build apartment in Kidwelly. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.

Here are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Kidwelly

    The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Please confirm the Lease plans are surveyor prepared. Please provide evidence that the form of Lease proposed has been approved by the Land Registry.

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