As someone clueless as to the New Mills conveyancing process what is your top tip you can impart concerning the legal transfer of property in New Mills
Not many law firms or advisers will tell you this but conveyancing in New Mills and elsewhere in Derbyshire is often a confrontational experience. Put another way, when it comes to conveyancing there is an abundance of opportunity for confrontation between you and other parties involved in the transaction. For instance, the seller, selling agent and even potentially the mortgage company. Choosing a solicitor for your conveyancing in New Mills should not be taken lightly as your conveyancer is your adviser, and is the ONLY party in the legal process whose interest is to look after your best interests and to keep you safe.
Sometimes a potential adversary will attempt to sway you that it is in your interests to do things their way. For example, the selling agent may claim to be helping by claiming that your solicitor is wrong. Or your mortgage broker may try to convince you to do something that is against your solicitors guidance. You should always trust your lawyer above all other parties in the conveyancing process.
I am about to put a bid on a leasehold property in New Mills. The estate agents say that it is the norm for flats in New Mills to have less than 75 years left on the lease. I am getting a mortgage with Nationwide Building Society. Will the property be mortgageable given that the lease has 72 years unexpired.
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. Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 26/2/2025 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.
Forgive me if this question is silly but I am new to the process as a first time buyer of a ground floor flat in New Mills. Do I receive the keys to the premises on completion from my lawyer? If this is the case, I will use a High Street conveyancing solicitor in New Mills?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the completion advance to the owner’s solicitors, and shortly after the monies have arrived, you should be able to receive the keys from the property Agents and move into your new home. This tends to happen between 1 and 3pm.
We are planning to move property in March. Does my conveyancing solicitor liaise with the removal company on the completion day. Incidentally, can you recommend a removal company in New Mills. Conveyancing firm was organised before I stumbled across your site.
On the day of completion you will need to pick up the house keys from the property agent however this should only happen after the vendors conveyancers inform the agent that they acknowledge receipt of the completion payment and the keys can be passed over. You will need to tell the removal men that you are ready to move in. As a matter of policy we do not recommend a specific removal organisation but can help you locate a conveyancing in New Mills or a firm that specialises in conveyancing in New Mills.
is it true that all New Mills solicitor practices on the Skipton conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Skipton approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. The majority of banks do list licenced conveyancers on their panel and in that case the practice would be governed by the CLC.
I am purchasing my first flat in New Mills benefiting from help to buy. The sellers would not reduce the price so I negotiated £7000 of extras instead. The estate agent told me not reveal to my lawyer about this deal as it may jeopardize my mortgage with Platform Home Loans Ltd. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am selling my property. My former lawyers have shut. I am in need of a recommendation of a conveyancing firm. I happen to live in New Mills if that makes a difference.
Please use our search tool to help you find a solicitor for your conveyancing in New Mills. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes smoothly.
What are your top tips when it comes to appointing a New Mills conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a New Mills conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non New Mills conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be useful:
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What volume of lease extensions has the firm completed in New Mills in the last twenty four months?
Leasehold Conveyancing in New Mills - A selection of Queries before buying
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The prefered form of lease structure is where the freehold reversion is in the ownership of the leaseholders. In this arrangement the tenants have control and notwithstanding that a managing agent is usually retained where it is larger than a house conversion, the managing agent employed by the leaseholders. What is the length of the lease? It is important to be aware whether a new roof is being put on or some other major work is pending to be shared by the tenants and will dramatically increase the the maintenance costs or result in a one off invoice.