What does my ID and proof of funds have anything to do with my conveyancing in Port Isaac? Why is this being asked of me?
Port Isaac conveyancing solicitors and indeed property lawyers throughout the UK have a duty under Anti-terror and anti-money-laundering rules to check the identity of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to provide two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and evidence of address (usually a Utility Bill no older than three months).
Evidence of source of monies is also required under the money laundering laws as solicitors have a duty to investigate that the funds you are utilising to acquire a property (whether it be the deposit for exchange or the full purchase amount if you are buying mortgage free) has originated from a reputable source (such as employment savings) as opposed to the proceeds of illegitimate behaviour.
I have 71 years left on my lease and need a lease extension for my flat in Port Isaac. Conveyancing solicitors on the Nationwide Building Society panel can deal with such extensions right?
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 10/8/2025 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.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Port Isaac?
Two types of professional can execute conveyancing in Port Isaac namely CLC regulated conveyancers or solicitors. The two can handle conveyancing services that required to complete the sale or acquisition of property. They are both duty bound to handle Port Isaac conveyancing to the same standards and guidelines so you may be safe in the knowledge that your conveyancing will be properly administered and that all requirements and procedures should be appropriately followed.
I am assisting my step-mother sell her flat in Port Isaac. Does the conveyancing solicitor commission an EPC or should I organise this?
After the demise of HIPs, energy assessments was left as a compulsory element of selling a property. An EPC should be to hand in advance of the property being placed on the market. This is not a task that lawyers normally organise. Where you are instructing a Port Isaac conveyancing practitioner they may be willing to arrange energy performance certificates given their contacts with long established Port Isaac providers
We are getting a further advance on our mortgage from Nottingham as we wish to carry out alterations to our house in Port Isaac. Do we need to appoint a high street Port Isaac solicitor on the Nottingham conveyancing panel to deal with the legals?
Nottingham don't usually appoint firms on their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Nottingham conveyancing panel.
I have been on the look out for a flat up to £305k and identified one near me in Port Isaac I like with amenity areas and railway links nearby, however it's only got 52 years unexpired on the lease. There is not much else in Port Isaac suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a home loan the remaining unexpired lease term will be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
Hoping to buy a property located in Port Isaac and I am already nervous. I couldn't find anything specific about Port Isaac. Conveyancing will be needed in due course but do you know about the Port Isaac area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Port Isaac. In the meantime here are some basic statistics that we found
Is there a reason that Port Isaac conveyancing costs are more expensive for leasehold and freehold properties?
If acquiring a leasehold property there is more work involved purely due to the fact that usually there are further parties involved in the form of the freeholder and/or Management Agents. As part of a lawyers enquiries they will check that all ground rent and service charges are paid up to date amongst other general leasehold matters. For this reason, the Sellers lawyers usually have to refer to the freeholder or Managing Agent for their replies to our questions. This may be time consuming and beyond the lawyers control