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Questions and Answers: Blackburn leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Blackburn. Before diving in I require certainty as to the unexpired term of the lease.

If the lease is recorded at the land registry - and most are in Blackburn - 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 exchange soon on a basement flat in Blackburn. Conveyancing solicitors assured me that they report fully on Monday. Are there areas in the report that I should be focusing on?

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

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Are you allowed to have a pet in the flat?
  • Does the lease prevent you from renting out the flat, or working from home
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • You should have a good understanding of the insurance provisions
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Blackburn please enquire of your conveyancer in advance of your conveyancing in Blackburn

    • Estate agents have just been given the go-ahead to market my 2 bed apartment in Blackburn.Conveyancing lawyers have not yet been instructed but I have just had a quarterly service charge demand – should I leave it to the buyer to sort out?

    Your conveyancing lawyer is likely to suggest that you should discharge the invoice 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.

    Can you provide any advice for leasehold conveyancing in Blackburn from the point of view of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Blackburn can be avoided where you appoint lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the buyers solicitors.
    • The majority landlords or Management Companies in Blackburn charge for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Blackburn.
  • A minority of Blackburn 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 financially capable of paying the yearly 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If you are supposed to have a share in the Management Company, you should ensure that you are holding the original share document. Organising a replacement share certificate is often a time consuming formality and delays many a Blackburn conveyancing transaction. Where a reissued share certificate is required, you should approach the company officers or managing agents (if relevant) for this sooner rather than later.
  • You believe that you know the number of years left on your lease but you should double-check by asking your lawyers. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is less than 75 years. It is therefore important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • When it comes to leasehold conveyancing in Blackburn what are the most common lease problems?

    Leasehold conveyancing in Blackburn is not unique. All leases are individual and legal mistakes in the legal wording can result in certain clauses are not included. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the building
    • A duty to insure the building
    • 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

    You could have 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. Barclays , Barnsley Building Society, and Nottingham Building Society all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to withdraw.

    I purchased a 1 bedroom flat in Blackburn, conveyancing having been completed in 1999. How much will my lease extension cost? Comparable properties in Blackburn with an extended lease are worth £193,000. The average or mid-range amount of ground rent is £45 per annum. The lease ends on 21st October 2098

    With 73 years left to run we estimate the price of your lease extension to span between £11,400 and £13,200 plus professional fees.

    The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Blackburn