It is is a decade since I purchased my home in Meopham. Conveyancing solicitors have now been instructed on the sale but I am unable to locate the title documents. Is this a problem?
You need not be too concerned. First there is a possibility that the deeds will be kept by the lender or they could be in the possession of the solicitor who acted in the purchase. Secondly the chances are that the title will be recorded at the land registry and you will be able to prove you own the property by your conveyancing lawyers procuring current official copies of the land registers. Most conveyancing in Meopham involves registered property but in the unlikely event that your property is unregistered it adds to the complexity but is not insurmountable.
I am about to put a bid on a leasehold property in Meopham. The property agents advise that it is standard for flats in Meopham to have less than 75 years remaining. I am getting a loan with The Mortgage Works. Will the property be mortgageable given that the lease has Seventy One years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing 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 25/1/2025 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
I have been advised by my lawyer that chancel insurance is necessary on my purchase. What is the level of cover for Meopham conveyancing?
The right level of chancel indemnity insurance depends on your lender. It would differ for example between Santander and Norwich and Peterborough Building Society. Conveyancing practitioners as opposed to borrowers take out such insurances.
We previously selected solicitors with offices in Meopham on the Co-operative solicitor approved list. They are now charging me a further sum for the legal aspects of the Co-operative mortgage. Is this an additional conveyancing fee set by Co-operative?
As unfair as it may seem, as long as it’s in their Terms of Engagement or estimate then yes your lawyer is entitled to levy a fee for this. The charge is not set by Co-operative but by your Meopham lawyer. Plenty of firms on the Co-operative panel will levy ’dealing with mortgage’ fee but plenty of practices include it on their overall fee.
Planning on purchasing a apartment in Meopham. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Lloyds conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Meopham property lawyer is on the Lloyds conveyancing panel.
I require fast conveyancing in Meopham as I am faced with a deadline to sign on the dotted line within 3 weeks. Thankfully I do not require a mortgage. Is it possible to decline from having conveyancing searches to save money and time?
As you are are a mortgage free buyer you have the choice not to have searches conducted although no law firm would recommend that you don't. Drawing on our experience of conveyancing in Meopham the following are examples of what can crop up and adversely affect the marketability of the property: Refused Planning Applications, Overdue Charges, Outstanding Grants, Unadopted Roads,...
What tools are available to locate a Meopham solicitor on the Clydesdale conveyancing panel? I drive a motor bike and am prepared to travel upto 25kilometers to meet the conveyancer.
You can use the facility on this website. Please select a mortgage company and your location and you will see a number of Meopham conveyancing lawyers located nearest you. We have detailed some Meopham conveyancing firms towards the end of this page and you can call them to see if they are on the Clydesdale member panel
I am contemplating choosing an online property lawyer rather than a Meopham conveyancing firm. Am I making a mistake?
Advantages do exist in being able to attend a local Meopham conveyancing solicitor such as
- signing papers on short notice
- often being able to see someone face-to-face can make a huge difference, particularly for non-standard transactions
- the ability to complain if things are not going as expected
When checking fees, look carefully for hidden extras. The majority decent Meopham high street solicitors give an all-inclusive figure. Many online companies appear to offer low cost prices, yet have hidden 'extras' in the fine print.