Sample questions relating to Alvaston leasehold conveyancing
I've found a house that seems to be perfect, at a great price which is making it more attractive. I have subsequently found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Alvaston. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Alvaston ?
Most houses in Alvaston are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Alvaston in which case you should be looking for a Alvaston conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer will report to you on the legal implications.
I own a leasehold flat in Alvaston. Conveyancing and Birmingham Midshires mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1997. The conveyancing practitioner in Alvaston who acted for me is not around.Any advice?
First make enquiries of the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Alvaston conveyancing solicitor to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a two flats in Alvaston both have approximately fifty years left on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Alvaston. The lease is a right to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena
Do you have any top tips for leasehold conveyancing in Alvaston from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Alvaston can be reduced if you appoint lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information needed by the buyers lawyers.
- If you have carried out any alterations to the property would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Alvaston state that internal structural alterations or addition of wooden flooring necessitate a licence issued by the Landlord consenting to such alterations. If you fail to have the consents in place do not contact the landlord without checking with your lawyer before hand.
What makes a Alvaston lease problematic?
Leasehold conveyancing in Alvaston is not unique. All leases is drafted differently and drafting errors can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Chelsea Building Society, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.
I purchased a leasehold flat in Alvaston, conveyancing was carried out 10 years ago. How much will my lease extension cost? Comparable properties in Alvaston with a long lease are worth £227,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease finishes on 21st October 2100
With only 78 years left to run we estimate the premium for your lease extension to span between £11,400 and £13,200 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.