Ashbourne leasehold conveyancing Example Support Desk Enquiries
I've found a house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have just been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Ashbourne. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
The majority of houses in Ashbourne are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Ashbourne in which case you should be looking for a Ashbourne conveyancing practitioner and check that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’spermission to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer should appraise you on the various issues.
I am looking at a two flats in Ashbourne which have in the region of forty five years remaining on the leases. should I be concerned?
A lease is a right to use the premises for a period of time. As a lease shortens the saleability of the lease decreases and it becomes more costly to extend the lease. 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 lenders may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field
Can you provide any top tips for leasehold conveyancing in Ashbourne with the intention of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Ashbourne can be avoided where you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the buyers solicitors.
- The majority landlords or Management Companies in Ashbourne charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for 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 cause of delay in leasehold conveyancing in Ashbourne.
Completion in due on the sale of our £125000 flat in Ashbourne on Monday in a week. The management company has quoted £336 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Ashbourne?
For the majority of leasehold sales in Ashbourne conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing conveyancing due diligence questions
- Where consent is required before sale in Ashbourne
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What are the frequently found problems that you see in leases for Ashbourne properties?
There is nothing unique about leasehold conveyancing in Ashbourne. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the premises
- 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
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. Lloyds TSB Bank, Coventry Building Society, and Clydesdale all have very detailed 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 provide security, obliging the buyer to pull out.
I own a 2 bed flat in Ashbourne, conveyancing having been completed in 2011. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Ashbourne with an extended lease are worth £270,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease ceases on 21st October 2080
With just 58 years unexpired we estimate the price of your lease extension to span between £25,700 and £29,600 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.