AssumingI were to purchase a freehold propertyin Redfield for cash and dispense with a survey and no conveyancing searches how much would I expect to to save on my conveyancing in Redfield?
The sole reduction in fees you would achieve is the disbursement for searches. The property lawyer is required to do the vast majority of work - money laundering, communicating with the sellers lawyer, SDLT submission, register the property etc. A slight saving might be made by not needing to register a mortgage however it will not be a lot.
Having sold my house in Redfield last March yet the purchaser is e-mailing me complaining that his conveyancer needs to hear from mylawyer. What are the post completion sale legalities now that I have sold?
After completion of your sale your conveyancer should forward the transfer deeds and all additional paperwork to the buyer’s solicitors. Depending on the transaction, your solicitor must also confirm that the mortgage has been paid off to the buyers solicitors. There is unlikely to be post completion requirements peculiar conveyancing in Redfield.
About to place a bid on a leasehold apartment in Redfield. The property agents advise that it is the norm for flats in Redfield to have less than 75 years unexpired on the lease. I am getting a mortgage with The Mortgage Works. Will the property be mortgageable given that the lease has 70 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 25/12/2024 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 require quick conveyancing in Redfield as I am faced with a deadline to exchange contracts in less than 2 weeks. A mortgage is not required. Can I escape the need for conveyancing searches to save fees and time?
As you are are a cash buyer you have the choice not to do searches although no lawyer would suggest that you don't. With plenty of history conveyancing in Redfield the following are instances of issues that can show up and adversely impact future mortgageability: Enforcement Notices, Outstanding Charges, Overdue Grants, Road Schemes,...
I used Wolstenholmes several years ago for my conveyancing in Redfield. I now require my file but the law firm is no longer operating. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Redfield of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
My husband and I are first time buyers - had an offer accepted, yet the selling agent informed us that the vendor will only proceed if we instruct the agent's preferred conveyancers as they want an ‘expedited deal’. My instinct tells me that we should use a family solicitor who is accustomed to conveyancing in Redfield
We suspect that the seller is not behind this request. Should the owner desire ‘a quick sale', turning down a serious purchaser is going to damage their objectives. Try to communicate with the vendors directly and make sure they comprehend that (a)you are motivated purchasers (b)you are ready to progress, with mortgage lined up © you are chain free (d) you wish to move quickly (e)but you will continue to use your preferred Redfield conveyancing solicitors - not the ones that will give their negotiator at the agency a commission or hit his conveyancing figures pre-set by senior management.