Do lawyers ask for money up-front when it comes to conveyancing in Newbiggin By The Sea?
If you are buying a property in Newbiggin By The Sea your solicitor will ask you place them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. When the deposit is payable against the purchase price then this will be needed immediately prior to exchange of contracts. The closing balance that is needed should be transferred a few days prior to the completion date.
I am about to put a bid on a leasehold property in Newbiggin By The Sea. The selling agents tell me that it is the norm for flats in Newbiggin By The Sea to have less than 75 years unexpired 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 9/9/2025 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.
How does conveyancing in Newbiggin By The Sea differ for newly converted properties?
Most buyers of new build residence in Newbiggin By The Sea contact us having been asked by the seller to sign contracts and commit to the purchase even before the property is completed. This is because house builders in Newbiggin By The Sea typically purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Newbiggin By The Sea or who has acted in the same development.
My business partner and I are planning to lease a unit on a shopping parade. Can you recommend lawyers offering no-move-no charges for commercial conveyancing in Newbiggin By The Sea for under £1,200?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Newbiggin By The Sea, including the disposal and acquisition of businesses as well as simply property. Whether you are intending to purchase or dispose of a shop, pub, restaurant, office, retail premises or a complete business we will find you the right firm. Regarding the costs these will vary based on the structure and heads of terms of the deal. Please provide us with your details or call us so that we can supply you with a detailed commercial conveyancing calculation.
There are only 72 years unexpired on my flat in Newbiggin By The Sea. I am keen to get lease extension but my landlord is absent. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to prove that you or your lawyers have done all that could be expected to find the freeholder. For most situations an enquiry agent should be useful to try and locate and prepare a report which can be used as evidence that the landlord is indeed missing. It is wise to seek advice from a conveyancer both on investigating the landlord’s disappearance and the application to the County Court overseeing Newbiggin By The Sea.
Newbiggin By The Sea Leasehold Conveyancing - Examples of Questions you should ask before Purchasing
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The prefered form of lease arrangement is a share of the freehold. In this arrangement the tenants benefit from control and notwithstanding that a managing agent is frequently retained where the building is bigger than a house conversion, the managing agent is directed by the tenants. Most Newbiggin By The Sea leasehold apartments will be liable to pay a service charge for maintenance of the building levied by the management company. If you acquire the apartment you will have to meet this amount, usually periodically accross the year. This could differ from a couple of hundred pounds to thousands of pounds for large purpose-built blocks. In all probability there will be a rentcharge to be met yearly, normally this is not a significant figure, say approximately £50-£100 but you need to check as on occasion it can be many hundreds of pounds. You will want to discover as much as you can regarding the company managing the building as they will either make living at the property much simpler or problematic. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to daily matters like the upkeep of the common parts. Enquire of other people whether they are happy with them. Finally, find out the dates that you are obliged pay the service charge to the appropriate party and precisely what you get for your money.
Developers have recommended to me a conveyancing practitioner and I've sought an estimate from them. They are almost three hundred pounds less expensive than my preferred Newbiggin By The Sea lawyer. Should I use them?
Developers often have panels of lawyers who are quick and who know the developer’s documentation and property lawyer. Plenty of developers offer an incentive to select a preferred solicitor for this reason, any increased fees can be avoided and a developer will not recommend a conveyancing factory and run the risk of having the conveyancing delayed when they want exchange inside a month. The argument for not agreeing to use the recommended property lawyer is that they may be unwilling to fight for your interests for fear of upsetting the sellers. Where you have concerns that this may be the situation you should keep with your high street Newbiggin By The Sea conveyancer.