Common questions relating to Bourne End leasehold conveyancing
I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it more attractive. I have since been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Bourne End. Conveyancing advisers have are about to be instructed. Will they explain the issues?
Most houses in Bourne End are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Bourne End in which case you should be looking for a Bourne End 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 leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your lawyer will report to you on the legal implications.
I am tempted by the attractive purchase price for a two apartments in Bourne End which have in the region of forty five years remaining on the leases. Will this present a problem?
A lease is a right to use the premises for a period of time. As the lease shortens the value of the lease decreases and it becomes more costly to extend the lease. For this reason it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this area
What advice can you give us when it comes to appointing a Bourne End conveyancing practice to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Bourne End conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Bourne End conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- What volume of lease extensions have they conducted in Bourne End in the last twenty four months?
Do you have any top tips for leasehold conveyancing in Bourne End with the purpose of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Bourne End can be avoided where you appoint lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation needed by the purchasers’ representatives.
- Many freeholders or managing agents in Bourne End levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Bourne End.
When it comes to leasehold conveyancing in Bourne End what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Bourne End. Most leases is drafted differently and drafting errors can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Leeds Building Society, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.
Bourne End Leasehold Conveyancing - Examples of Questions you should ask Prior to buying
What is the name of the managing agents?
The best form of lease structure is where the freehold interest is in the ownership of the leaseholders. In this arrangement the tenants benefit from being in charge if their destiny and although a managing agent is usually employed where the building is larger than a house conversion, the managing agent retained by the leaseholders.
Most Bourne End leasehold properties will incur a service charge for maintenance of the block invoiced on behalf of the management company. Should you purchase the flat you will have to meet this charge, usually quarterly during the year. This can be anything from a couple of hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a rentcharge to be met yearly, this is usually not a exorbitant figure, say around £50-£100 but you should to check it because occasionally it can be many hundreds of pounds.