Recently asked questions relating to Beaufort leasehold conveyancing
I’m about to sell my basement flat in Beaufort.Conveyancing is yet to be initiated but I have just had a yearly service charge invoice – what should I do?
It best that you discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I today plan to offer on a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have since found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Beaufort. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Beaufort ?
The majority of houses in Beaufort are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Beaufort so you should seriously consider looking for a Beaufort conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’spermission to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your conveyancer will appraise you on the various issues.
I am looking at a couple of maisonettes in Beaufort both have in the region of 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Beaufort is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most purchasers and banks, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Beaufort conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Do you have any advice for leasehold conveyancing in Beaufort with the intention of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Beaufort can be reduced where you appoint lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ lawyers.
- Many freeholders or Management Companies in Beaufort charge for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Beaufort.
When it comes to leasehold conveyancing in Beaufort what are the most common lease defects?
Leasehold conveyancing in Beaufort is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. 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
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Norwich and Peterborough Building Society, and Britannia 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 does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.
I purchased a 1 bedroom flat in Beaufort, conveyancing formalities finalised 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Beaufort with a long lease are worth £180,000. The ground rent is £60 charged once a year. The lease ceases on 21st October 2091
You have 70 years left to run we estimate the price of your lease extension to span between £11,400 and £13,200 plus 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 advice on a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.