Fixed-fee leasehold conveyancing in Belton:

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Any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Belton, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Common questions relating to Belton leasehold conveyancing

I am hoping to sign contracts shortly on a studio apartment in Belton. Conveyancing solicitors inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?

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

  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • 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
  • What the implications are if you breach a clause of your lease? For details of the information to be contained in your report on your leasehold property in Belton please enquire of your lawyer in advance of your conveyancing in Belton

    • I am tempted by the attractive purchase price for a two apartments in Belton which have about 50 years remaining on the lease term. Do I need to be concerned?

    A lease is a right to use the property for a period of time. As the lease shortens the value of the lease decreases and it becomes more expensive to acquire a lease extension. For this reason it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this field

    I am employed by a long established estate agent office in Belton where we have experienced a few flat sales put at risk as a result of short leases. I have been given inconsistent advice from local Belton conveyancing firms. Could you confirm whether the owner of a flat can commence the lease extension formalities 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 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 sit tight for 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.

    An alternative approach is to extend the lease informally by agreement with the landlord 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.

    Can you provide any top tips for leasehold conveyancing in Belton with the aim of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Belton can be avoided where you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information needed by the purchasers’ solicitors.
    • In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Belton leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord consenting to such changes. Where you dont have the consents in place do not communicate with the landlord without checking with your conveyancer in the first instance.
  • A minority of Belton leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice 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 solicitors.
  • If there is a history of any disputes with your landlord or managing agents it is essential that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is unsettled. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as historic rather than ongoing.
  • If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share document. Obtaining a new share certificate is often a lengthy formality and frustrates many a Belton conveyancing transaction. Where a reissued share certificate is required, do contact the company director and secretary or managing agents (if relevant) for this as soon as possible.

    • What makes a Belton lease unmortgageable?

    There is nothing unique about leasehold conveyancing in Belton. Most leases are individual and drafting errors can sometimes mean that certain clauses are missing. 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 may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Chelsea Building Society, and Britannia 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 is defective they may refuse to grant the mortgage, obliging the buyer to withdraw.

    Belton Conveyancing for Leasehold Flats - A selection of Questions you should ask before buying

      Is anyone aware of any major works in the planning that will increase the service fees? The answer will be important as a) areas may cause problems for the building as the communal areas may start to deteriorate where repairs remain unpaid b) if the tenants have an issue with the managing agents you will wish to have full disclosure It would be wise to discover if the the lease contains any adverse restrictions in the lease. For example plenty of leases prohibit pets being permitted in in a block in Belton. If you like the propertyin Belton however your cat is not allowed to move with you then you have a very difficult decision.

    Other Topics

    Lease Extensions in Belton