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Find a Princes Risborough Conveyancing Solictior on Your Lender’s Panel

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

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Recently asked questions about conveyancing in Princes Risborough

About to place a bid on a leasehold property in Princes Risborough. The estate agents advise that it is standard for flats in Princes Risborough to have less than 75 years left on the lease. I am taking out a loan with Nationwide Building Society. Is this going to be a problem if the lease has 69 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. Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 22/5/2020 the requirements read as follows :

- Our minimum unexpired lease term is 55 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

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
- 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 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 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 (does not apply to Shared Ownership)
- Starting Ground Rent greater than 0.1% of the property value
- Ground Rent review period less than or equal to every 5 years
- 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

Refer to Issuing Office (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 greater than £500 p/a (please provide details of what the charges cover)
- Service Charges greater than 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 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
- Starting Ground Rent less than or equal to 0.1% of the property value
- Ground Rent review period greater than 5 years
- Ground Rent escalation less than or equal to 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.

The deeds to our house can not be found. The lawyers who conducted the conveyancing in Princes Risborough 5 years ago are no longer around. Will I be able to sell the house?

Gone are the days when you need to hold title deeds to evidence that you own the land or property, as the Land Registry hold details of all registered land or property electronically.

In my capacity as executor for the will of my father I am selling a residence in Monmouth but I am based in Princes Risborough. My solicitor (approximately 250 miles from mehas requested that I sign a statutory declaration prior to the transaction finalising. Could you suggest a conveyancing solicitor in Princes Risborough to witness this legal document for me?

strictly speaking you are not likely to need to have the documents attested by a conveyancing solicitor. Normally any notary public or qualified solicitor will be fine regardless of whether they are based in Princes Risborough

I wish to let out my leasehold apartment in Princes Risborough. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

Notwithstanding that your previous Princes Risborough conveyancing lawyer is no longer available you can review your lease to check if it allows you to sublet the premises. The rule is that if the deeds are silent, subletting is allowed. There may be a precondition that you must seek permission from your landlord or some other party before subletting. This means that you cannot sublet in the absence of first obtaining consent. Such consent must not not be unreasonably turned down. If your lease does not allow you to sublet you should ask your landlord for their consent.

Princes Risborough Conveyancing for Leasehold Flats - A selection of Queries before Purchasing

    How is the lease structured? Are any of leasehold owners in dispute over their service charge payments? How much is the ground rent and service charge?

I have noted on various online forums that when choosing a conveyancing lawyer they must be approved by your lender. I am new to the process but I have an AIP via Virgin Money and I already have a local conveyancing lawyer in Princes Risborough lined up. Will Virgin Money need an approved lawyer to be instructed? If so, where do I find that list for my conveyancing in Princes Risborough?

You should use a solicitor that is on the Virgin Money panel. The first thing to do is telephone your chosen Princes Risborough conveyancing solicitor to check if they are on the Virgin Money panel. If they are not on the panel you have numerous alternatives available to you here:

  • Proceed with your preferred Princes Risborough conveyancing practitioner but Virgin Money will no doubt instruct a lawyer from their conveyancing panel. This will result in additional fees and likely frustration.
  • Appoint a fresh solicitor to conduct the conveyancing, obviously checking they are on the Virgin Money conveyancing panel.
  • Convince your property lawyer to pull out all the stops to join the Virgin Money panel of solicitors.

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