Having been told to check out your service we were about to go ahead with a conveyancing solicitor in Abbots Bromley endorsed on your site but stumbled across some other estimates via the web seem less pricey – why is this?
There are a variety of conveyancers advertising theoretically looks to be extremely cheap conveyancing in Abbots Bromley. We would encourage you to think long and hard as to how much you respect your own move to you are willing to take 'cheap' risks concerning the standard of the conveyancing. Some embed fees deep into the terms and conditions. The law firms that we list for conveyancing in Abbots Bromley will notdo this.
I am about to put a bid on a leasehold property in Abbots Bromley. The selling agents say that it is usual for flats in Abbots Bromley to have less than 75 years remaining. I am obtaining a mortgage with The Mortgage Works. Is this going to be acceptable if the lease has 70 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. The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 1/12/2025 the requirements read as follows :
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 70 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 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 70 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 1.0% 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
- Any lease which is subject to a ground rent (or annual rent) being charged which is more than on a peppercorn basis
- Any lease which is subject to a ground rent (or annual rent) being reviewed and altered on any review basis or methodology
Refer to Issuing Office (Valuer will consider any impact on valuation figure and marketability):
- 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 1.0% 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
- A lease subject to a peppercorn ground rent (annual rent) charges
For the avoidance of doubt, any new build properties completed but not sold pre 30 June 2022 will only be acceptable if the lease conforms to the above guidance
* 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
LEASE EXTENSIONS
We require all lease extensions to be completed under the Leasehold Reform Housing and Urban Development Act 1993 and to meet the above criteria as a minimum. Where you become aware that it does not meet these requirements, please refer to the Issuing Office
Please ensure that all lender enquiries are submitted (with full documentation/requirements) at least 2 weeks prior to exchange to allow sufficient time for review and decisioning.
I just acquired a flat at auction in Abbots Bromley. Conveyancing is needed. What happens now?
Having exchanged you will need to instruct a conveyancing lawyer soon as you will have a fast approaching a drop dead date to complete the property. Every auction property should have an associated auction pack. This should include evidence of title and search results. Where you are dealing with leasehold premises the conveyancing papers should provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork pertinent to a leasehold property. You need to pass this on to your appointed conveyancing solicitor as soon as possible. Do make sure that that you have the requisite funding in place to complete on the on the contractual date .
This question may be naive but I am new to the process as a 1st time buyer of a garden flat in Abbots Bromley. Do I collect the keys to the property on completion from my lawyer? If this is the case, I will appoint a local conveyancing solicitor in Abbots Bromley?
On the day of completion you do not need to go to the conveyancers office in Abbots Bromley. Conveyancing lawyers for you will electronically transfer the completion advance to the vendor’s lawyers, and shortly after the monies have arrived, you should be called to receive the keys from the property Agents and start moving into the property. Usually this occurs between 1 and 3pm.
I have today made my last payment due on my mortgage with Clydesdale. I assume I don't need a Abbots Bromley property lawyer on the Clydesdale panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Clydesdale mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Clydesdale mortgage from the register. Clydesdale, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Clydesdale has sent the Land Registry the discharge electronically, and
- Clydesdale has instructed the Land Registry to do so
I require expedited conveyancing in Abbots Bromley as I have pressure to complete within 3 weeks. A home loan is not required. Can I escape the need for conveyancing searches to save fees and time?
As you are not taking a mortgage you have the choice not to have searches conducted although no solicitor would recommend that you don't. With plenty of history conveyancing in Abbots Bromley the following are instances of what can arise and therefore affect future saleability: Refused Planning Applications, Overdue Charges, Overdue Grants, Unadopted Roads,...
I moved into my apartment on 14 February and the transaction details are still not registered. Should I be concerned? My conveyancing solicitor in Abbots Bromley said it should be concluded in a couple of weeks. Are titles in Abbots Bromley uniquely lengthy to register?
As far as conveyancing in Abbots Bromley is concerned, registration is no quicker or slower than the rest of the country. Rather than based on location, timeframes can vary depending on who lodges the application, whether it is in order and whether the Land registry need to notify any third parties. At present roughly 80% of submission are fully addressed in less than three weeks but occasionally there can be protracted hold-ups. Historically registration occurs once the purchaser has moved in to the premises therefore registration formalities is not always an essential issue but if there is a degree of urgency associated with the registration then you or your lawyers can speak with the land registry and explain the circumstances.