What does my ID and proof of funds have anything to do with my conveyancing in Wolsingham? Is this really necessary?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to check the ID of the potential client they are dealing with prior to agreeing to accepting their conveyancing retainer. The Client Care letter that you are required to sign will no doubt stipulate this. Your lender will also require certain documents to be checked. If you are unwilling to provide ID verification documents, your solicitor would not be able to act for you.
I am about to put an offer on a leasehold property in Wolsingham. The property agents advise that it is standard for flats in Wolsingham to have less than 75 years remaining. I am taking out a mortgage with The Mortgage Works. Will the property be mortgageable given that the lease has 70 years left.
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 20/6/2025 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.
Is it correct that all Wolsingham CQS (Conveyancing Quality Scheme) solicitors are on the Bank of Ireland conveyancing panel?
A selection of lenders now utilise the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of firms.
I am expecting a OIP from RBS this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do RBS recommend any Wolsingham solicitors on the RBS conveyancing panel, or is it better to go independently?
You will need to appoint Wolsingham solicitors independently although you'll need to choose one on the RBS conveyancing panel. The solicitor represents both you and RBS through the process.
I have a mortgage with RBS for my property in Wolsingham. Conveyancing was finalised 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform RBS?
You must advise RBS in advance of letting out your property as this is likely to be a breach of RBS’s mortgage conditions. It may be that RBS will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact RBS directly. It should not be necessary to do this via a RBS conveyancing panel solicitor.
Should my conveyancer be raising questions concerning flooding during the conveyancing in Wolsingham.
The risk of flooding is if increasing concern for solicitors dealing with homes in Wolsingham. There are those who purchase a property in Wolsingham, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to give advice on flood risk, however there are a number of searches that may be initiated by the purchaser or by their lawyers which will figure out the risks in Wolsingham. The standard property information forms supplied to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard question of the seller to find out whether the premises has suffered from flooding. In the event that flooding has previously occurred which is not notified by the vendor, then a buyer may commence a claim for damages as a result of such an incorrect answer. The purchaser’s solicitors will also commission an environmental search. This should reveal if there is a recorded flood risk. If so, more detailed inquiries should be initiated.
My husband and I are FTB’s - agreed a price, yet the property agent informed us that the vendor will only issue a contract if we appoint the agent's chosen conveyancers as they are insisting on a ‘quick sale’. My instinct tells me that we should use a family conveyancer with experience of conveyancing in Wolsingham
It is unlikely the vendors are behind this. Should the owner require ‘a quick sale', taking such a hostile approach to a genuine buyer is not the way to achieve this. Bypass the agents and go straight to the owners and explain that (a)you are motivated buyers (b)you are ready to go, with finances in place © you are unencumbered (d) you intend to proceed fast (e)however you intend to use your own,trusted Wolsingham conveyancing firm - rather thanthe ones that will give the estate agent a commission or hit his conveyancing figures pre-set by senior management.
At what stage do I cover the costs of stamp duty due for my house transaction in Wolsingham?
The majority of conveyancing practitioners tend to fill out a Land Transaction Return Form for you as part of your Wolsingham conveyancing transaction for signature. After completion your solicitor will submit your STL Return Form to the Tax Authorities and - assuming they have the money - discharge any tax bill liability on your behalf.