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

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

Examples of recent questions relating to leasehold conveyancing in Boreham

I today plan to offer on a house that appears to be perfect, at a great figure which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Boreham. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Boreham ?

Most houses in Boreham are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Boreham in which case you should be looking for a Boreham conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your solicitor should advise you fully on all the issues.

I am looking at a two apartments in Boreham which have approximately fifty years unexpired on the lease term. Will this present a problem?

There are plenty of short leases in Boreham. The lease is a right to use the premises for a period of time. As a lease gets shorter the saleability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. This is why it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this arena

Can you offer any advice when it comes to choosing a Boreham conveyancing practice to carry out our lease extension conveyancing?

When appointing a solicitor for lease extension works (regardless if they are a Boreham conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Boreham conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

  • If the firm is not ALEP accredited then what is the reason?
  • What volume of lease extensions has the firm carried out in Boreham in the last twenty four months?

    • Can you provide any top tips for leasehold conveyancing in Boreham with the aim of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Boreham can be avoided if you instruct lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation needed by the buyers lawyers.
    • The majority freeholders or managing agents in Boreham charge for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack sought 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 Boreham.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Boreham state that internal structural alterations or installing wooden flooring require a licence issued by the Landlord consenting to such works. Where you fail to have the approvals to hand do not communicate with the landlord without checking with your lawyer before hand.
  • A minority of Boreham leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are 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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this via your solicitors. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the lease term is under 80 years. It is therefore important at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • In relation to leasehold conveyancing in Boreham what are the most frequent lease problems?

    Leasehold conveyancing in Boreham is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the premises
    • Insurance obligations
    • 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

    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. Yorkshire Building Society, Barnsley Building Society, and Godiva Mortgages Ltd 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 is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.

    I bought a garden flat in Boreham, conveyancing was carried out 9 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Boreham with an extended lease are worth £232,000. The ground rent is £55 invoiced annually. The lease expires on 21st October 2089

    With 63 years remaining on your lease we estimate the price of your lease extension to span between £19,000 and £22,000 plus costs.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Boreham