We were about to choose a conveyancing solicitor in Piccadilly listed using your search tool but have come across alternative costs illustrations on the internet appear less pricey – why is this?
There are plenty of solicitors promoting alleged cheap conveyancing, unfortunately it’s common in such cases for extracosts end up with the closing invoice being escalated. Solicitors are duty bound to ensure fees outlined in terms and conditions should be fair and reasonable and be applied The solicitors that we put forward for conveyancing in Piccadilly clearly state all legal fees for a residential conveyancing matter.
I am acquiring a house mortgage free in Piccadilly. I have resided for the last 15 years in Piccadilly. Conveyancing searches are a lot of money. As I know the road and vicinity very well should I not bother getting the solicitor to do all the conveyancing searches?
In the absence of a mortgage, then the vast majority of the Piccadilly conveyancing searches are at your discretion. Your conveyancer will ’encourage you, perhaps strongly, that you should have searches done, but she has a professional duty to take that path of advice. One thing to take into account; if you are going to sell the house at a future date, it will likely be be of relevance to your prospective buyer what the searches reveal. On occasion houses with day to day issues can still reveal unfavourable search results. A competent conveyancing solicitor in Piccadilly will provide you some helpful advice concerning this.
I am about to put a bid on a leasehold flat in Piccadilly. The estate agents assure me that it is usual for flats in Piccadilly to have less than 75 years remaining. I am expecting a mortgage with Nationwide Building Society. Is this going to be a problem if the lease has 69 years unexpired.
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 30/12/2025 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.
I require fast conveyancing in Piccadilly as I am faced with pressure to sign on the dotted line inside one month. Fortunately I do not require a mortgage. Is it possible to escape the need for conveyancing searches to save money and time?
If.Given you are are a mortgage free purchaser you are at free not to have searches carried out although no solicitor would suggest that you don't. With lots of history conveyancing in Piccadilly the following are instances of issues that can arise and therefore affect future saleability: Refused Planning Applications, Overdue Fees, Outstanding Grants, Railway Schemes,...
Just acquired a semi-detached house in Piccadilly , how long will it take for the Land Registry to deal with the formalities evidencing my ownership? My Piccadilly conveyancing solicitor works at snail pace, so I want to be certain the post completion formalities are dealt with.
There is nothing unique about conveyancing in Piccadilly registration formalities. Rather than based on location, timeframes can adjust according to who lodges the application, whether there are errors and whether the Land registry communicate with any other parties. At present approximately 80% of such applications are fully dealt with in less than three weeks but some can be subject to longer hold-ups. Historically registration occurs after the buyer has moved in to the property so registration formalities is not usually primary concern yet where it is urgent that the the registration takes place urgently then you or your lawyers should contact the land registry and explain the circumstances.
I am buying my first flat in Piccadilly with a loan from Nationwide Building Society. The builders refused to reduce the price so I negotiated £7000 of extras instead. The sale representative suggested that I not reveal to my solicitor about the side-deal as it may put at risk my mortgage with Nationwide Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.