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Find a Stalybridge Conveyancing Solictior on Your Lender’s Panel

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

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Recently asked questions about conveyancing in Stalybridge

Can the conveyancing practitioners identified through your search tool execute auction conveyancing in Stalybridge?

There are a few auction solicitors we can put you in touch with those specialising in auction conveyancing. Stalybridge is one of the many locations where our lawyers have offices.

About to place a bid on a leasehold apartment in Stalybridge. The selling agents say that it is usual for flats in Stalybridge to have less than 75 years remaining. I am expecting a mortgage with The Mortgage Works. Is this going to be acceptable if 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 11/7/2019 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 have been on the look out for a ground for flat up to £245,000 and found one round the corner in Stalybridge I like with amenity areas and railway links in the vicinity, however it's only got 52 years on the lease. There is not much else in Stalybridge for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?

If you require a mortgage the remaining unexpired lease term may be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.

As co-executor for the estate of my grandmother I am disposing of a property in Cardiff but I am based in Stalybridge. My lawyer (based 300 kilometers awayhas requested that I sign a stat dec prior to the transaction finalising. Could you suggest a conveyancing lawyer in Stalybridge who can attest and place their company stamp on the document?

strictly speaking you are unlikely to be required to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or solicitor will do regardless of whether they are Stalybridge based

Been searching for a conveyancing practitioner for freehold sale conveyancing in Stalybridge. We are selling, uncomplicated no mortgage to redeem, no hurry, currently empty. Received a quote from a lawyer for a thousand pounds plus VAT which is a little steep considering its so straightforward. Is it possible to find less expensive fees for conveyancing in Stalybridge?

As it’s a sale only, £500 + VAT should be about the best for sale conveyancing in Stalybridge.

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