The owners have rather assertive sellers who has suggested a lock out contract with a non-refundable deposit 10k. Is it wise to enter into such agreements?
There are a couple of main concerns with signing a lock out contract (sometimes referred to as a no-shop agreement) is that it diverts attention away from making progress with the conveyancing work, so unless it requires little or no negotiation then it could transpire to be unhelpful. It is not strongly advocated by Dorking conveyancing solicitors as a result. A further negative is the extent of the remedies available - a jilted purchaser should not expect to be granted an injunction to bar the seller disposing of the property to a third party, so the only remedy open via the contract will be the recovery of wasted charges and, in restricted scenarios, the extra payment of damages.
It is 10 years ago since I purchased my property in Dorking. Conveyancing solicitors have recently been retained on the sale but I can't find my title deeds. Will this cause complications?
Don’t worry too much. First there is a chance that the deeds will be with your lender or they could be archived with the solicitor who handled your purchase. Secondly the chances are that the land will be registered at the land registry and you will be able to prove you own the property by your conveyancing solicitors obtaining up to date copy of the land registers. Nearly all conveyancing in Dorking involves registered property but in the unlikely event that your property is unregistered it adds to the complexity but is resolvable.
I am about to put an offer on a leasehold flat in Dorking. The selling agents tell me that it is standard for flats in Dorking to have less than 75 years remaining. I am taking out a mortgage with The Mortgage Works. Will the property be mortgageable given that the lease has 69 years remaining.
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 26/3/2025 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 purchased my home on 5 February and my personal details is not yet on the land registry website. Any reason for this? My conveyancing solicitor in Dorking said it should be dealt with inside ten days. Are transfers in Dorking particularly slow to register?
There is nothing unique when it comes to conveyancing in Dorking registration formalities. As opposed to being determined by geographic area, timeframes can differ according to the party submitting the application, whether it is in order and if the Land registry must send notices to any other persons or bodies. As of today in the region of three quarters of submission are fully addressed within 12 days but occasionally there can be extensive delays. Registration occurs after the purchaser is living at the premises thus an expedited registration is not always an essential issue yet if there is a degree of urgency associated with the registration then you or your lawyers should communicate with the Registry to express the reasoning for an expedited registration.
Taking into account that I am about to part with £400,000 on a house in Dorking I wish to talk to a lawyer concerning thetransaction before appointing the firm. Can this be arranged?
This is something that we recommend - it is our preference to talk to you we do not take any clients on without you speaking to the lawyer who will be doing your property ownership legalities in Dorking.There is no ‘factory style conveyancing’ - each client is unique person, not a file reference. The solicitors that we put you in touch with believe that the fees you are calculated and presented to you for residential conveyancing in Dorking should be the figure that you are charged.
What tools are available to search for a Dorking conveyancing solicitor on the lender conveyancing panel? I have a car and am prepared to travel up to 20miles to attend the lawyer.
Feel free to make use of the find a conveyancing panel tool on this page. Please choose the lender and your location, in this case Dorking and you will see a number of lawyer located nearest Dorking. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the mortgage company solicitor panel.