Unfortunately I am unable to travel far from Richmond. Is there a reason why all Richmond lawyers are not on all mortgage company panels?
As unjust as it may appear for lenders to limit who can represent them, from the public’s or lawyer’s point of view, the other side of the coin is that lenders are increasingly anxious and regard it essential to defend themselves from illegal activities. As a result of this concern banks have reduced their panel of approved conveyancing lawyers to a manageable size.
I have Fifty Six years remaining on my lease and need a lease extension for my apartment in Richmond. Conveyancing solicitors on the The Mortgage Works panel can deal with such extensions correct?
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. The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 15/10/2026 the requirements read as follows :
Minimum unexpired lease term is 70 years with 30 years remaining at the end of the mortgage term.
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 a proposed Lease Extension does not meet these requirements, however you feel that this is in the best interest for our mutual client, please refer all details to the Issuing Office for us to consider.
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.
This question may be naive but I am wet behind the ears as a 1st time purchaser of a two bedroom flat in Richmond. Do I collect the keys to the premises on the completion date from my lawyer? If this is the case, I will use a local conveyancing solicitor in Richmond?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the purchase money to the owner’s lawyers, and shortly after the monies have arrived, you should be invited to collect the keys from the property Agents and start moving into the property. This tends to happen between 1 and 3pm.
I am due to move house in January. Does my conveyancing solicitor update the removal company on the completion day. Incidentally, can you suggest a removal company in Richmond. Conveyancing solicitor was chosen prior to coming across your page.
On the afternoon of completion you can pick up the house keys from your estate agent however this should only take place after the vendors solicitors advise the agent that they acknowledge receipt of the completion payment and the keys can be collected. You should tell the removal men that you are ready to move in. We are not in a position to recommend a specific removal organisation but can help you find a conveyancing in Richmond or a firm with expertise in conveyancing in Richmond.
I was told three weeks ago that my mortgage has been agreed to by Kent Reliance. Is it usual for Kent Reliance to only issue the offer once my solicitor in Richmond is approved on their conveyancing panel? Kent Reliance have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Kent Reliance to deal with your lawyer's application to be on the Kent Reliance conveyancing panel. There's no guarantee that your solicitor will be accepted.
I acquired my flat on 6 January and the transaction details are still not registered. Should I be concerned? My conveyancing solicitor in Richmond said it will be formalised inside ten days. Are properties in Richmond particularly slow to register?
There is nothing unique when it comes to conveyancing in Richmond registration formalities. As opposed to being determined by geographic area, timeframes can differ according to the party submitting the application, whether it is in order and whether the Land registry need to notify any third persons or bodies. As of today in the region of 80% of submission are completed in less than three weeks but some can be subject to extensive delays. Registration takes place after the new owner has moved in to the premises therefore post completion formalities is not typically an essential issue but if there is a degree of urgency associated with the registration then you or your lawyers can communicate with the Registry to express the reasoning for the application to be prioritised.
My business partner and I are intending to take an assignment of a lease of a shop on a shopping parade. Can you recommend solicitors offering competitive charges for non-domestic conveyancing in Richmond for less than £2000?
We can recommend firms who host a wealth of experience of commercial conveyancing in Richmond, including the sale and acquisition of businesses as well as simply premises. If you are intending to buy or sell a shop, pub, restaurant, office, retail premises or a complete business we can find you the right lawyer. Regarding the fees these will vary based on the structure and heads of terms of the proposed transaction. Let us have your details or email so as to enable us to furnish you with comprehensive commercial conveyancing quote.
What is the reason for my property lawyer requiring a list of items of ID before I can proceed with my conveyancing in Richmond?
Richmond property lawyers are required by the Law Society, Solicitors Regulation Authority, HM Land Registry and current AML Regulations to record that the have verified the identity of their clients. It will also be a condition of your mortgage offer. In addition they have to complete various forms, particularly those relating to Land Tax and need to have details such as your full names, national insurance number and date of birth.