I can't travel far from Upney. I would like to know the logic why all Upney conveyancers aren't included on all mortgage company panels?
A decade ago most banks exhibited an attitude to risk which is different than today. The Financial Services Authority in 2010 instigated a thematic review into mortgage fraud which in summary warned lenders: know the conveyancers on your panel. As a result, banks have since soughtmore information from law firms regarding their operations and the individuals who work for them and set certain criteria such as completing a minimum volume of transactions. Hundreds of law practices have found themselves excluded from lender panels even though they had 100% healthy disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the minimum volume of transactions the lenders insisted on.
AssumingI was to buy a freehold propertyin Upney for cash and dispense with a survey and no local authority searches how much would I expect to have to pay for conveyancing in Upney?
The only reduction in fees you would achieve is the Upney conveyancing searches. Your lawyer still be obliged to do everything else - money laundering, communicating with your sellers solicitor, SDLT return, register the property etc. A slight saving might be made by not needing to register a charge but it will not be meaningful.
About to place a bid on a leasehold flat in Upney. The selling agents advise that it is standard for flats in Upney to have less than 75 years remaining. I am obtaining a mortgage with The Mortgage Works. Will the property be mortgageable given that the lease has Seventy One years remaining.
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 17/10/2025 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.
Can I be sure that the Upney conveyancing solicitor on the Co-operative panel is any good?
When it comes to conveyancing in Upney obtaining recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the lawyer handling your transaction.
My partner and I have arranged a further advance on our mortgage from Nationwide as we intend to conduct improvements to our property in Upney. Do we need to select a nearby Upney solicitor on the Nationwide conveyancing panel to handle the legals?
Nationwide don't usually appoint a member of their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Nationwide list.
We have a mortgage agreed in principle with Skipton. Upney conveyancing lawyers have been instructed. How long does it take for Skipton to send the offer to the conveyancer?
There is no definitive answer here. Have Skipton conducted the survey? Have you informed Skipton as to your lawyers' details and checked that your lawyers are on the Skipton conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
How does conveyancing in Upney differ for newly converted properties?
Most buyers of new build property in Upney come to us having been asked by the developer to sign contracts and commit to the purchase even before the residence is ready to move into. This is because builders in Upney typically acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Upney or who has acted in the same development.
I am looking at a couple of apartments in Upney which have approximately fifty years unexpired on the leases. should I be concerned?
A lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the marketability of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area.
After months of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Upney. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We can put you in touch with a Upney conveyancing firm who can help.
An example of a Lease Extension case for a Upney flat is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case related to 1 flat. The unexpired term as at the valuation date was 61.36 years.