Leasehold Conveyancing in Audley - Get a Quote from the leasehold experts approved by your lender

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When it comes to leasehold conveyancing in Audley, you will need to instruct a conveyancing practitioner with leasehold experience. Whether your lender is to be Clydesdale , Yorkshire Building Society or Nationwide be sure to choose a lawyer on their panel. Feel free to use our search tool

Common questions relating to Audley leasehold conveyancing

Looking forward to sign contracts shortly on a studio apartment in Audley. Conveyancing solicitors assured me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Audley should include some of the following:

  • The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
  • Does the lease prohibit wood flooring?
  • Are you allowed to have a pet in the flat?
  • Whether the lease restricts you from renting out the flat, or working from home
  • You should be told what counts as a Nuisance in the lease
  • Changes to the flat (alterations and additions)
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For a comprehensive list of information to be included in your report on your leasehold property in Audley please enquire of your lawyer in ahead of your conveyancing in Audley

    • I own a leasehold flat in Audley. Conveyancing and National Westminster Bank mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Audley who previously acted has now retired.Any advice?

    The first thing you should do is contact the Land Registry to be sure that this person is indeed the new freeholder. There is no need to incur the fees of a Audley conveyancing lawyer to do this as it can be done on-line for a few pound. 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've recently bought a leasehold flat in Audley. Am I liable to pay service charges for periods before completion of my purchase?

    Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

    If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

    Can you provide any top tips for leasehold conveyancing in Audley from the perspective of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Audley can be avoided if you instruct lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the purchasers’ representatives.
    • Many freeholders or managing agents in Audley charge for providing management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Audley.
  • Some Audley leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If you have had conflict with your landlord or managing agents it is essential that these are settled before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as over as opposed to ongoing.
  • You may think that you are aware of the number of years left on your lease but it would be advisable verify this via your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 75 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • What are the frequently found deficiencies that you encounter in leases for Audley properties?

    There is nothing unique about leasehold conveyancing in Audley. Most leases is drafted differently and drafting errors can result in certain clauses are wrong. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the premises
    • A duty to insure the building
    • 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 could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Virgin Money, and Platform Home Loans Ltd all have express requirements 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, obliging the purchaser to withdraw.

    I bought a leasehold flat in Audley, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Audley with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £50 levied per year. The lease expires on 21st October 2083

    With 58 years left to run we estimate the premium for your lease extension to range between £23,800 and £27,400 as well as plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Audley