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Recently asked questions about conveyancing in Winton

Having sold my house in Winton last May but the buyer keeps calling daily to say their conveyancer is waiting to hear from mine. What are the post completion sale formalities now that I have sold?

After completion of your sale your solicitor should deliver the transfer documentation and all supplemental paperwork to the buyer’s solicitors. If applicable, your conveyancer should also confirm that the mortgage has been redeemed to the purchasers solicitors. There is unlikely to be post completion tasks unique to conveyancing in Winton.

About to place a bid on a leasehold flat in Winton. The estate agents tell me that it is the norm for flats in Winton to have less than 75 years remaining. I am getting a mortgage with Nationwide Building Society. Is this going to be a problem if the lease has Seventy One 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 19/5/2022 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.

My father pointed out to me me that in buying a property in Winton there could be a number of restrictions preventing external changes to the property. Is this right?

We are aware of anumerous of properties in Winton which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in Winton should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.

I am purchasing a 4 bedroom semi-detached house in Winton. The intention is to an extension at the rear at the house.Will the conveyancing process involve checks to ascertain if these works are prohibited?

Your property lawyer will review the deeds as conveyancing in Winton will sometimes identify restrictions in the title documents which prevent categories of alterations or need the permission of a 3rd party. Many works need local authority planning permissions and approval in compliance with building regulations. Certain areas are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. It would be prudent to check these things with a surveyor prior to committing yourself to a purchase.

Last month we had a mortgage agreed in principle with Nationwide. Winton conveyancing lawyers were selected. How long does it take for Nationwide to issue the offer to the solicitor?

There is no definitive answer here. Have Nationwide conducted the valuation? Have you informed Nationwide as to your lawyers' details and checked that your lawyers are on the Nationwide conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.

As co-executor for the will of my grandmother I am selling a residence in Monmouth but I am based in Winton. My solicitor (based 250 miles from mehas requested that I execute a stat dec ahead of the transaction finalising. Could you suggest a conveyancing solicitor in Winton to witness this legal document for me?

strictly speaking you should not be required to have the documents attested by a conveyancing solicitor. Normally or notary public or qualified solicitor will do regardless of whether they are located in Winton

I am employed by a busy estate agency in Winton where we see a number of leasehold sales derailed due to short leases. I have received conflicting advice from local Winton conveyancing firms. Please can you shed some light as to whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.

An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

I purchased a studio flat in Winton, conveyancing was carried out 4 years ago. How much will my lease extension cost? Corresponding flats in Winton with over 90 years remaining are worth £190,000. The ground rent is £65 invoiced every year. The lease expires on 21st October 2083

With 61 years left to run we estimate the premium for your lease extension to be between £18,100 and £20,800 as well as legals.

The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.

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