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Find a West Thurrock Conveyancing Solictior on Your Lender’s Panel

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

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Recently asked questions about conveyancing in West Thurrock

My IFA has requested my West Thurrock law firm’s panel member for the Santander conveyancing panel. What is the best way to discover this. I have contacted my local West Thurrock branch but they cant find it on their system.

The sensible thing to do is ask for this information from your West Thurrock lawyer . They keep a central record lender panel numbers.

About to place a bid on a leasehold flat in West Thurrock. The selling agents assure me that it is the norm for flats in West Thurrock to have less than 75 years remaining. I am obtaining a mortgage with Nationwide Building Society. Is this going to be a problem if the lease has Seventy One years remaining.

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. Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 4/5/2021 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.

I opted to have a survey done on a property in West Thurrock prior to instructing lawyers. I have been informed that there is a flying freehold aspect to the house. My surveyor advised that some banks will not give a loan on this type of premises.

It depends who your proposed lender is. Santander has different instructions from Birmingham Midshires. Should you wish to call us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in West Thurrock. Conveyancing may be slightly more expensive based on your lender's requirements.

Taking into account that I am about to spend over three hundred thousand on a terraced house in West Thurrock I wish to have a conversation with the solicitor about mytransaction in advance of instructing the firm. Can this be arranged?

Absolutely - it is our preference to talk to you we do not take any clients on without you liaising with the solicitor who will be carrying out your property ownership legalities in West Thurrock.There is no ‘factory style conveyancing’ - every client is unique person, not a case reference. The practices that we put you in touch with believe that the figure you are calculated and presented to you for your conveyancing in West Thurrock should be the amount on the final invoice that you are charged.

I'm selling a apartment in West Thurrock. I have found my conveyancer's company on the Law Society's list, but I can't find my conveyancer's name as listed on the regulator's website. Should I be concerned?

Not every individual in the practice must be listed by the regulator. Provided there is someone qualified to 'oversee' the work, the actual day-to-day activity can be undertaken by unlicensed staff.

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Find out more about how flying freehold can affect your the value of a property.