We are a couple about to exchange contracts for a property in Southwick. We have hit a stumbling block. The mortgage offer with Virgin Money expires on 16/3/2026 but the sellers are insisting on a completion date of 18/3/2026. Is it possible to extend the loan offer?
The best person to address this question is your solicitors who will determine if he or she is corresponding with the mortgage company, vendor’s conveyancers, property agents or indeed all parties given the circumstances your conveyancing as of today.
I have Fifty Six years unexpired on my lease and require a lease extension for my flat in Southwick. Conveyancing solicitors on the The Mortgage Works panel can deal with such extensions right?
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 15/1/2026 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
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.
What is the difference between a licensed conveyancer and conveyancing solicitor in Southwick
Two types of professional can conduct conveyancing in Southwick namely licenced conveyancers or solicitors. The two can provide the legal services that you need to complete the disposal or acquisition of property. Both are obliged to conduct Southwick conveyancing to the same quality and guidelines so you may be safe in the knowledge that your conveyancing will be professionally carried out and that the requirements and procedures will be appropriately attended to.
My partner and I are at the point of looking at flats in Southwick and I am now considering a potential offer. Is it premature to have a solicitor in place? I intend to finance via a home loan with Lloyds.
It would be sensible to instigate your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. As you are taking out a mortgage with Lloyds, make sure you remember to check that your lawyer is on the Lloyds conveyancing panel.
I have decided to exercise my right to buy my property in Southwick off the council. I have a mortgage offer with Co-operative. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Co-operative, you will need to appoint a solicitor on the Co-operative conveyancing panel.
Is it best to choose a Southwick conveyancing lawyer who is local to the property I am hoping to buy? An old friend can handle the conveyancing however they are based 300miles away.
The primary upside of using a local Southwick conveyancing firm is that you can visit the firm to sign documents, hand in your ID and pester them where appropriate. Having local Southwick know how is a plus. However nothing is more important than finding someone that will do a good and efficient job. If you know people who instructed your friend and in the main were impressed that should trump using an unknown Southwick conveyancing lawyer just because they are based in the area.
What makes a Southwick lease problematic?
Leasehold conveyancing in Southwick is not unique. All leases are individual and drafting errors can result in certain sections are wrong. The following missing provisions could result in a defective lease:
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Insurance obligations Clauses dealing with recovering service charges for expenditure on the building or common parts.
You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Chelsea Building Society, and TSB all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the purchaser to withdraw.
Southwick Leasehold Conveyancing - Examples of Questions you should consider before buying
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Make sure you investigate if there are any onerous restrictions in the lease. For example it is fairly common in Southwick leases that pets are not allowed in certain buildings in Southwick. If you like the propertyin Southwick yet your dog can’t make the move with you then you will be faced hard choice. This information is important as a) areas could cause problems for the block as the common areas may begin to deteriorate where maintenance remain unpaid b) if the tenants have a dispute with the running of the building you will wish to know about it
What type of premises does your Southwick conveyancing quotes relate to?
The quotes issued are only appropriate to standard residential premises in England & Wales. Should you have any different needs such as industrial or agricultural property or commercial conveyancing in Southwick you should telephone us to address your requirements .