I have given 8 weeks notice to my existing landlord and have to leave my rented property in Cranbrook by 3/6/2025. Conveyancing for my house purchase is underway. Is it possible to complete in six weeks as I wish to avoid having to move into short term accommodation?
Generally one should not give notice on a rental unless you have exchanged. Assuming that you have not already done so, update to your conveyancer and ask them to they apply pressure on the owners lawyers, try to a target completion date that everyone will look towards
I have 70 years remaining on my lease and need a lease extension for my flat in Cranbrook. Conveyancing solicitors on the Nationwide Building Society panel can deal with such extensions correct?
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 17/4/2025 the requirements read as follows :
- 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
- Where lending is over 85% of the purchase price/valuation on a second hand flat and the unexpired lease term on the offer is 90 years or more - only advise us if the actual lease term is less than 90 years.
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
- Unexpired lease term less than 90 years where we are lending more than 85% of the purchase price/valuation on a second hand flat
- 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 1% 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 (Minimum 90 years where we are lending more than 85% of the purchase price/valuation on a second hand flat)
- 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)
- 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 charged which is more than on a peppercorn basis
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% 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 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 house at auction in Cranbrook. Conveyancing is needed. What are my next steps?
Now that you have legally bound yourself to purchase you must appoint a conveyancing solicitor quickly as you are faced with a pending a fixed date to complete the purchase. All auction property should have a corresponding auction set of papers. This will include the copy title deeds, local authority and drainage searches. In the case of leasehold premises the conveyancing papers should contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation relating to a leasehold property. You should give this to the solicitor working for you as soon as possible. You also need to ensure that that you have the requisite funding in place to complete on the date specified in the contract.
My aunt informed me that in purchasing a property in Cranbrook there may be a number of restrictions preventing external changes to a property. Is this right?
We are aware of a number of properties in Cranbrook which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Cranbrook should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
The formalities of my purchase has taken place for my property in Cranbrook. Conveyancing was satisfactory but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
Almost all banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. Ordinarily complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
Have purchased a a detached house in Cranbrook , What is the estimated time for the Land Registry to deal with the formalities evidencing my ownership? My Cranbrook conveyancing solicitor has been painfully slow, so I want to be certain the land registry aspects are dealt with.
There is nothing unique when it comes to conveyancing in Cranbrook registration formalities. Rather than based on location, timescales can adjust according to who lodges the application, whether there are errors and whether the Land registry communicate with any third parties. Currently in the region of 80% of submission are fully addressed within 12 days but occasionally there can be longer hold-ups. Historically registration occurs after the new owner has moved in to the premises so 'speed' is not always primary concern yet where it is urgent that the the registration takes place urgently then you or your lawyers should communicate with the Registry to express the reasoning for an expedited registration.
I decided to have a survey done on a house in Cranbrook in advance of retaining conveyancers. I have been advised that there is a flying freehold overhang to the property. Our surveyor advised that some mortgage companies may not give a mortgage on a flying freehold premises.
It depends who your proposed lender is. HSBC has different instructions for example to Halifax. If you e-mail us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Cranbrook. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Cranbrook to see if the conveyancing costs will increase in light of this.
What does commercial conveyancing in Cranbrook cover?
Commercial conveyancing in Cranbrook incorporates a wide array of services, provided by qualified solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.