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Find a Worplesdon Conveyancing Solictior on Your Lender’s Panel

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

Only LenderPanel.com provides a subset of authorised Worplesdon conveyancers for over 130 lenders.


Recently asked questions about conveyancing in Worplesdon

I am purchasing a leasehold flat in Worplesdon. My lawyer has never been on on the lender solicitor list. Can I still retain my Worplesdon conveyancing solicitor notwithstanding that they are excluded from the mortgage company panel of approved conveyancing solicitors?

You have a couple of choices available to you here

  • Carry on with your existing Worplesdon property lawyer but your bank will need to appoint a conveyancer from their conveyancing panel. This will result in additional charges and likely frustration.
  • Appoint a fresh conveyancer to act in the purchase, obviously checking they are on the bank conveyancing panel.
  • Convince your solicitor to apply to join the bank panel

I am about to put an offer on a leasehold property in Worplesdon. The property agents assure me that it is normal for flats in Worplesdon to have less than 75 years unexpired on the lease. I am getting a mortgage with The Mortgage Works. Is this going to be acceptable if the lease has 72 years unexpired.

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. The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 12/7/2019 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 require expedited conveyancing in Worplesdon as I am faced with a deadline to sign on the dotted line within one month. Thankfully I do not need a mortgage. Can I avoid the conveyancing searches to save money and time?

As you are are a cash buyer you are at liberty not to do searches although no conveyancer would advise that you don't. Drawing on years of experience of conveyancing in Worplesdon the following are instances of issues that can appear and adversely impact future mortgageability: Enforcement Actions, Outstanding Charges, Overdue Grants, Unadopted Roads,...

We are four weeks into a freehold purchase having been referred to a firm by the estate agent to perform conveyancing in Worplesdon. I am not happy. Can you help me find new solicitors?

A solicitor would need to be very bad in order to consider replacing them. Has the mortgage offer been generated? In the event that it has you must advise them of the new contact details and ensure the loan are issued to the new lawyers. Your new conveyancer should be on the banks approved list to avoid escalating costs and frustration. So that should be your first question of the new conveyancers. Our search tool can help you find a lender approved conveyancer for your conveyancing in Worplesdon

I have miscalculated my finances and am a few grand short a 10% deposit on my house purchase in Worplesdon , but I still want to exchange. Do I have options?

One option is to try and accept a lesser deposit. Many sellers will accept a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.

You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second

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