Sample questions relating to Amersham leasehold conveyancing
I am in need of some leasehold conveyancing in Amersham. Before diving in I require certainty as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and almost all are in Amersham - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Looking forward to complete next month on a leasehold property in Amersham. Conveyancing solicitors inform me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Amersham should include some of the following:
- You should be sent a copy of the lease
I work for a busy estate agent office in Amersham where we see a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given contradictory information from local Amersham conveyancing firms. Please can you shed some light as to whether the seller of a flat can commence the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
What advice can you give us when it comes to choosing a Amersham conveyancing practice to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Amersham conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Amersham conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:
- How familiar is the practice with lease extension legislation?
Are there frequently found problems that you see in leases for Amersham properties?
Leasehold conveyancing in Amersham is not unique. Most leases are individual 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 elements of the property
- 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
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Chelsea Building Society, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.
Amersham Leasehold Conveyancing - Examples of Queries before buying
Who are the managing agents?
For many Amersham leaseholds the outlay for major works tend not to be built into the service charges, albeit that there some managing agents in Amersham obliged leasehold owners to contribute towards a sinking fund created for the specific purpose of establishing a fund for larger works.
Please note if it is no more than eighty years it will affect the marketability of the property. It is worth checking with your bank that they are willing to to proceed given the lease term. Leases with less than 80 years remaining means that you will almost definitely have to extend the lease sooner rather than later and it is worth finding out what this would cost. Remember, in most cases you would be required to have owned the premises for a couple of years in order to be entitled to extend the lease.