I plan on buying residence in Totland. My property lawyer has never been on on the bank conveyancing panel. Can I still retain my Totland conveyancing solicitor even though they are not on the mortgage company list of approved lawyers?
You have a number of alternatives available to you here
- Carry on with your chosen Totland solicitor but your bank will undoubtedly appoint a property lawyer on their approved panel. The net result is additional charges and likely frustration.
- Appoint a new conveyancer to conduct the conveyancing, obviously checking they are on the bank conveyancing panel.
- Appeal to your lawyer to apply to join the lender panel
My brother and I have just acquired a house in Totland. We have since encountered a number of issues with the house which we consider were omitted in the conveyancing searches. Is there anything we can do? What searches should? have been carried out for conveyancing in Totland?
The query is not clear as to the nature of the problems and if they are specific to conveyancing in Totland. Conveyancing searches and due diligence initiated during the buying process are carried out to help avoid problems. As part of the legal transfer of property, a property owner answers a form referred to as a SPIF. answers provided is incorrect, you may have a misrepresentation claim against the owner for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Totland.
I have 7378 less than 75 years remaining on my lease and require a lease extension for my flat in Totland. Conveyancing solicitors on the Nationwide Building Society 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. Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 27/1/2025 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.
Can you help - my lawyer says that missing deeds insurance is necessary on my purchase. What is the level of cover for Totland conveyancing?
The right level of missing deeds indemnity insurance depends on who your lender is. It would differ for example between Birmingham Midshires and Coventry Building Society. Conveyancing lawyers as opposed to members of the public take out such insurances.
We previously chose conveyancers with offices in Totland on the Nationwide solicitor approved list. They have just invoiced me a supplemental fee for dealing with the Nationwide mortgage. Is this an additional conveyancing fee set by Nationwide?
Unfortunately, so long as it is in their Terms of Engagement or estimate then yes your solicitor may charge a fee for this. The fee is not set by Nationwide but by your Totland property lawyer. Some firms on the Nationwide panel will quote an ‘acting for lender’ fee but many firms incorporate it on their overall fee.
I am buying a property in Totland. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Nationwide be concerned?
As you are obtaining a mortgage with Nationwide your lawyer must follow the conveyancing instructions contained in Section two of UK Finance Lenders’ Handbook for Nationwide. The CML Handbook includes minimum requirements for solar panel roof-space leases, and conveyancers are required to report to Nationwide where a lease does not satisfy these specifications. The conditions relate to the installation of panels on properties countrywide and is not restricted to Totland.
I need to find a conveyancing solicitor for residential conveyancing in Totland. I have chance upon a site which appears to be the perfect answer If it is possible to get all formalities completed via phone that would be preferable. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Back In 2009, I bought a leasehold flat in Totland. Conveyancing and National Westminster Bank mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Totland who previously acted has long since retired. What should I do?
The first thing you should do is make enquiries of HMLR to make sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to instruct a Totland conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Leasehold Conveyancing in Totland - A selection of Queries Prior to buying
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Generally speaking the cost for major works tend not to be included within maintenance charges, albeit that there some managing agents in Totland obliged leasehold owners to pay into a reserve fund and this is used to offset against larger works. You should be aware that where the lease has no more than 80 years it will impact the salability of the flat. It is worth checking with your mortgage company that they are willing to lend given the lease term. A short lease means that you will probably require a lease extension at some point and you need to have some idea of what this would cost. Remember, in most cases you would need to own the property for 24 months in order to be eligible to exercise a lease extension. It is important to be aware whether window replacement or some other major work is due in the near future to be shared amongst the leasehold owners and could well materially increase the the service fees or necessitate a specific payment.