My fiance and I are looking to purchase a house in Market Weighton and are in fact using a Market Weighton conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Britannia have this morning contacted us to advise us that they have now hit a problem as our Market Weighton lawyer is not on their conveyancing panel. Is this a problem?
Where you are buying a property with the assistance of a mortgage it is standard for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Market Weighton lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
I have 70 years remaining on my lease and require a lease extension for my apartment in Market Weighton. Conveyancing solicitors on the The Mortgage Works panel can deal with such extensions correct?
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 1/11/2025 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.
This question may be naive but I am new to the house moving as FTB of a ground floor flat in Market Weighton. Do I pick up the keys to the property on the completion date from my conveyancer? If so, I will use a local conveyancing solicitor in Market Weighton?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the purchase money to the seller's conveyancers, and shortly after the monies have arrived, you will be called to pick up the keys from the property Agents and start moving into the property. This tends to happen early afternoon.
My wife and I buying a terrace house in Market Weighton. We would like to carry out a loft conversion at the property.Will the conveyancing process include investigations to ascertain if these alterations are allowed?
Your solicitor should check the registered title as conveyancing in Market Weighton can sometimes identify restrictions in the title deeds which prohibit categories of alterations or necessitated the permission of another owner. Some additions call for local authority planning permissions and approval in compliance with building regulations. Some areas are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. It would be sensible to check these things with a surveyor prior to committing yourself to a purchase.
Can you help - my lawyer says that lack of right of way insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Market Weighton?
The right level of lack of right of way indemnity insurance should be dictated by who who your lender is. It would differ for example between Yorkshire Building Society and The Mortgage Works. Conveyancing solicitors as opposed to members of the public take out such insurances.
I am looking into buying my first house which is in Market Weighton and I am already nervous. I couldn't find anything specific about Market Weighton. Conveyancing will be needed in due course but do you know about the Market Weighton area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Market Weighton. In the meantime here are some basic statistics that we found
My husband and I are FTB’s - had an offer accepted, yet the selling agent has warned us that the owners will only proceed if we instruct the agent's preferred conveyancers as they want a ‘quick sale’. My instinct tells me that we should use a local solicitor used to conveyancing in Market Weighton
It is improbable the sellers are behind this. Should the owner desire ‘a quick sale', turning down a genuine purchaser is counter productive. Speak to the vendors direct and explain that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you are unencumbered (d) you intend to proceed fast (e)but you are going to appoint your own,trusted Market Weighton conveyancing lawyers - not the ones that will give their estate agent a kickback or achieve conveyancing targets pre-set by HQ.
I want to let out my leasehold apartment in Market Weighton. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
A small minority of properties in Market Weighton do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I purchased a 1 bedroom flat in Market Weighton, conveyancing having been completed April 1998. How much will my lease extension cost? Comparable flats in Market Weighton with a long lease are worth £222,000. The ground rent is £50 invoiced annually. The lease expires on 21st October 2095
With only 70 years unexpired we estimate the premium for your lease extension to span between £9,500 and £11,000 plus professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.