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

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Burghfield Common leasehold conveyancing Example Support Desk Enquiries

I am in need of some leasehold conveyancing in Burghfield Common. Before I set the wheels in motion 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 Burghfield Common - 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.

I've found a house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have just 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 Burghfield Common. Conveyancing solicitors have are about to be instructed. Will they explain the issues?

Most houses in Burghfield Common are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Burghfield Common so you should seriously consider looking for a Burghfield Common conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your lawyer will appraise you on the various issues.

I am a negotiator for a reputable estate agency in Burghfield Common where we have witnessed a few flat sales put at risk as a result of short leases. I have received inconsistent advice from local Burghfield Common conveyancing firms. Please can you shed some light as to whether the owner of a flat can initiate the lease extension process for the buyer?

As long as 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. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.

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 purchaser.

Can you provide any advice for leasehold conveyancing in Burghfield Common with the aim of saving time on the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Burghfield Common can be bypassed where you get in touch lawyers the minute you market your property and ask them to put together the leasehold information needed by the buyers solicitors.
  • Many freeholders or Management Companies in Burghfield Common levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Burghfield Common.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Burghfield Common leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord consenting to such changes. If you fail to have the approvals to hand do not communicate with the landlord without checking with your solicitor in advance.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share document. Organising a new share certificate is often a time consuming formality and delays many a Burghfield Common home move. If a new share certificate is necessary, do contact 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 it would be advisable double-check by asking your conveyancers. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is below 80 years. In the circumstances it is important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • What makes a Burghfield Common lease unmortgageable?

    Leasehold conveyancing in Burghfield Common is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain clauses are missing. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the property
    • Insurance obligations
    • 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

    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. Barclays , The Royal Bank of Scotland, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to withdraw.

    I am the registered owner of a 1st floor flat in Burghfield Common, conveyancing having been completed 4 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Burghfield Common with an extended lease are worth £174,000. The ground rent is £60 yearly. The lease ceases on 21st October 2079

    With only 54 years remaining on your lease the likely cost is going to be between £30,400 and £35,200 plus legals.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Burghfield Common