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Recently asked questions about conveyancing in Llanfairpwllgwyngyll

It is 10 years ago since I purchased my property in Llanfairpwllgwyngyll. Conveyancing solicitors have just been instructed on the sale but I can't locate my deeds. Is this a problem?

You need not be too concerned. Firstly the deeds may be with the mortgage company or they could be archived with the solicitor who handled your purchase. Secondly in all probability the land will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing lawyers procuring current official copies of the land registers. Almost all conveyancing in Llanfairpwllgwyngyll involves registered property but in the rare situation where your home is unregistered it is more of a problem but is not insurmountable.

About to place an offer on a leasehold apartment in Llanfairpwllgwyngyll. The property agents advise that it is the norm for flats in Llanfairpwllgwyngyll to have less than 75 years unexpired on the lease. I am getting a loan with Nationwide Building Society. Will the property be mortgageable given that the lease has 69 years remaining.

Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing 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 18/3/2024 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.

I moved into my flat on 6 January and the transaction details is not yet registered. Need I be worried? My conveyancing solicitor in Llanfairpwllgwyngyll expressed confidence that it should be dealt with in a couple of weeks. Are transfers in Llanfairpwllgwyngyll particularly slow to register?

As far as conveyancing in Llanfairpwllgwyngyll registration is no quicker or slower than anywhere else in the country. As opposed to being determined by geographic area, timescales can adjust subject to who lodges the application, whether it is in order and if the Land registry must send notices to any interested parties. Currently roughly three quarters of submission are fully dealt with within 12 days but occasionally there can be longer delays. Registration is effected once the purchaser is living at the property so post completion formalities is not typically an essential issue yet if it is urgent that the the registration takes place urgently then you or your lawyers must speak with the land registry and explain the circumstances.

How does conveyancing in Llanfairpwllgwyngyll differ for new build properties?

Most buyers of new build premises in Llanfairpwllgwyngyll come to us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because developers in Llanfairpwllgwyngyll tend to acquire the real estate, 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 property lawyers 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 accustomed to new build conveyancing in Llanfairpwllgwyngyll or who has acted in the same development.

Looking forward to complete next month on a ground floor flat in Llanfairpwllgwyngyll. Conveyancing lawyers inform me that they are sending me a report next week. What should I be looking out for?

Your report on title for your leasehold conveyancing in Llanfairpwllgwyngyll should include some of the following:

    Does the lease prevent you from subletting the flat, or working from home What remedies are open the freeholder should you are in breach of your lease terms? Are pets allowed in the flat? Do you need to have carpet in the flat or are you allowed wood flooring? Whether your lease has a provision for a sinking account for major repairs?
For details of the information to be contained in your report on your leasehold property in Llanfairpwllgwyngyll please enquire of your lawyer in advance of your conveyancing in Llanfairpwllgwyngyll.

Leasehold Conveyancing in Llanfairpwllgwyngyll - A selection of Questions you should consider Prior to Purchasing

    The answer will be useful as a) areas may cause problems in the block as the communal areas may start to deteriorate if repairs remain unpaid b) if the tenants have an issue with the running of the building you will wish to have all the details Best to be warned whether fixing the lift or some other significant cost is pending to be shared by the leasehold owners and will dramatically impact the level of the maintenance charges or result in a specific invoice. The best form of lease arrangement is where the freehold reversion is in the ownership of the leaseholders. In this arrangement the lessees have control and although a managing agent is usually employed if the building is bigger than a house conversion, the managing agent employed by the leaseholders.

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