I am not in a position to travel far from Thatcham. What is the rationale as to why all Thatcham solicitors aren't included on all lender panels?
Banks normally restrict either the type or volume of conveyancing practices on their panel. A common example of such restriction(s) being that a organisation needs to have two or more partners. As well as restricting the type of firm, some have decided to restrict the number of practices they use to act for them. You should note that mortgage companies have no liability for the quality of service given by any Thatcham property lawyer on their panel. Property fraud was the key driver in the rationalisation of solicitor panels from 2008 even though there are conflicting opinions concerning whether solicitors sat at the center of that fraud. Data published by the Land Registry reveal that thousands of conveyancing practices only transact less than three conveyances annually. Those vindicating conveyancing panel consolidation ask why law firms should have any entitlement to be on a conveyancing panel when it is apparent that property law is not their primary expertise?
The Thatcham conveyancing firm handling our Thatcham conveyancing has identified a discrepancy between the assumptions in the valuation report and what is in the legal papers for the property. My lawyer says that he needs to check that the bank is OK with this discrepancy and is content to go ahead. Is my conveyancer’s course or action appropriate?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Why do I have to pay up front for my conveyancing in Thatcham?
Where you are retaining lawyers for conveyancing in Thatcham your lawyer will request that you put them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. If any deposit is as part of the purchase price then this will be required shortly before exchange of contracts. The final balance that is due should be transferred a few days ahead of the day of completion.
I have Fifty Six years remaining on my lease and need a lease extension for my apartment in Thatcham. 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 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 9/10/2026 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.
In relation to leasehold conveyancing in Thatcham what are the most common lease defects?
Leasehold conveyancing in Thatcham is not unique. Most leases are drafted differently and drafting errors can result in certain sections are missing. The following missing provisions could result in a defective lease:
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Insurance obligations
You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Bank of Scotland, and Nottingham Building Society 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 problematic they may refuse to grant the mortgage, forcing the buyer to pull out.
Thatcham Leasehold Conveyancing - A selection of Queries before Purchasing
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Are there any major works in the near future that could add a premium to the maintenance charges? The best form of lease arrangement is a share of the freehold. In this scenario the tenants enjoy being in charge if their destiny and notwithstanding that a managing agent is usually employed where the building is bigger than a house conversion, the managing agent is directed by the tenants.
What do I do if I am dissatisfied with the conveyancer who did our conveyancing in Thatcham?
Occasionally the level of service you receive is not as you expect, and is is a fact of life that occasionally things do go wrong. That being said there is recourse where you were dissatisfied with your conveyancing in Thatcham. This varies from trying to resolve matters directly with them, through to reporting a conveyancer to their governing body. If things still aren’t sorted out you may consider getting in touch with the Legal Ombudsman.