Common questions relating to Bourton on the Water leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Bourton on the Water. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and almost all are in Bourton on the Water - then the leasehold title will always include the short particulars 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 complete next month on a garden flat in Bourton on the Water. Conveyancing lawyers assured me that they are sending me a report on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Bourton on the Water should include some of the following:
- The total extent of the premises. This will be the flat itself but might incorporate a loft or cellar if applicable.
I am looking at a couple of apartments in Bourton on the Water which have about fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the saleability of the lease deteriorate and it becomes more costly to extend the lease. This is why it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field
I am employed by a reputable estate agent office in Bourton on the Water where we see a few flat sales derailed due to short leases. I have received inconsistent advice from local Bourton on the Water conveyancing solicitors. Could you clarify whether the owner of a flat can start the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence 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 wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
Alternatively, it may be possible 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.
Are there frequently found deficiencies that you witness in leases for Bourton on the Water properties?
Leasehold conveyancing in Bourton on the Water is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the building
- 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. Lloyds TSB Bank, Chelsea Building Society, and Clydesdale all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.
Bourton on the Water Leasehold Conveyancing - A selection of Queries Prior to Purchasing
Please inform me if there are any major works in the near future that will add a premium to the maintenance costs?
How many of the leaseholders are in arrears for their maintenance charge payments?
Does the lease include onerous restrictions?