Common questions relating to Alfriston leasehold conveyancing
Back In 2001, I bought a leasehold house in Alfriston. Conveyancing and Leeds Building Society mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Alfriston who acted for me is not around.Any advice?
First contact HMLR to be sure that this person is in fact the new freeholder. You do not need to instruct a Alfriston conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a two maisonettes in Alfriston both have in the region of fifty years unexpired on the lease term. Will this present a problem?
There are plenty of short leases in Alfriston. The lease is a right to use the premises for a period of time. As the lease gets shorter the value of the lease reduces and it becomes more costly to extend the lease. This is why it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this area
Can you offer any advice when it comes to appointing a Alfriston conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Alfriston conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Alfriston conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- What volume of lease extensions has the firm conducted in Alfriston in the last twenty four months?
Do you have any top tips for leasehold conveyancing in Alfriston with the aim of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Alfriston can be avoided where you instruct lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ conveyancers.
- Many landlords or managing agents in Alfriston levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Alfriston.
What are the common problems that you come across in leases for Alfriston properties?
There is nothing unique about leasehold conveyancing in Alfriston. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You may have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Leeds Building Society, and Aldermore all have express conveyancing instructions 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 grant the mortgage, forcing the buyer to withdraw.
I bought a 1 bedroom flat in Alfriston, conveyancing formalities finalised 1997. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Alfriston with over 90 years remaining are worth £208,000. The average or mid-range amount of ground rent is £55 levied per year. The lease comes to an end on 21st October 2082
With just 62 years unexpired we estimate the premium for your lease extension to range between £20,000 and £23,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.