Can you help? My Haydon Bridge solicitor is informing me me that she is duty bound toconduct Haydon Bridge conveyancing searches due to the fact thatthe firm are on the HSBCsolicitor panel. Do I not have any say here?
You have limited options available to you. Given that you are taking out a loan with a lender your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancing practitioner would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook provisions . Even if you were a cash buyer you would be ill advised not to carry out Haydon Bridge conveyancing searches.
About to place a bid on a leasehold apartment in Haydon Bridge. The property agents advise that it is the norm for flats in Haydon Bridge to have less than 75 years left on the lease. I am getting a loan with Nationwide Building Society. Will the property be mortgageable given that the lease has 72 years left.
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. Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 25/1/2025 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.
My bid for a property was accepted at auction in Haydon Bridge. Conveyancing is needed. What are my next steps?
Having exchanged you now have to appoint a conveyancing practitioner quickly as you will have a pending deadline in which to complete the conveyancing. Every auction property will ordinarily have a bespoke auction set of papers. This should include most,if not all of the documents that your solicitor requires. Where you are dealing with leasehold property the auction pack should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork pertinent to a leasehold property. You must give this to the conveyancer working for you as soon as possible. Do make sure that your finances are organised to complete the transaction on the set completion date.
We expect to receive a DIP from RBS this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do RBS recommend any Haydon Bridge solicitors on the RBS conveyancing panel, or is it better to go independently?
You will need to appoint Haydon Bridge solicitors independently although you'll need to choose one on the RBS conveyancing panel. The solicitor represents both you and RBS through the process.
I can not work out if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Haydon Bridge building society branch on numerous occasions and was informed it wasn't an issue and they would lend. My Haydon Bridge conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they refuse to lend based on their published requirements. Who do I believe?
As long as the property lawyer is on the lender panel, she or he must adhere to the CML Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a straight forward, no chain conveyancing. Haydon Bridge is the location of the property. What do you suggest?
Flying freeholds in Haydon Bridge are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Haydon Bridge you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Haydon Bridge may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
My husband and I may need to let out our Haydon Bridge ground floor flat temporarily due to taking a sabbatical. We instructed a Haydon Bridge conveyancing practice in 2003 but they have since shut and we did not think at the time get any advice as to whether the lease permits subletting. How do we find out?
Notwithstanding that your last Haydon Bridge conveyancing lawyer is no longer around you can check your lease to check if you are permitted to let out the property. The rule is that if the deeds are non-specific, subletting is permitted. There may be a precondition that you are obliged to obtain permission via your landlord or some other party prior to subletting. This means that you cannot sublet in the absence of prior consent. Such consent must not not be unreasonably refused ore delayed. If your lease prohibits you from subletting the property you will need to ask your landlord if they are willing to waive this restriction.
I acquired a 2 bed flat in Haydon Bridge, conveyancing having been completed 7 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Haydon Bridge with an extended lease are worth £216,000. The average or mid-range amount of ground rent is £50 per annum. The lease finishes on 21st October 2094
With only 69 years remaining on your lease we estimate the premium for your lease extension to be between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
I have recently placed an offer on a leasehold flat in Haydon Bridge and the estate agent that we are using recommended his conveyancing practitioner. They quoted £900 plus VAT and disbursements. Does this sound expensive?
Don't just go on 1 estimate. One should obtain like-for-like quotes for your conveyancing in Haydon Bridge. Then pick one that you are comfortable with and crucially, is on the approved panel of the bank that you have applied for a mortgage from.