Burnham On Crouch leasehold conveyancing: Q and A’s
I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Burnham On Crouch. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
Most houses in Burnham On Crouch are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Burnham On Crouch so you should seriously consider looking for a Burnham On Crouch conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your solicitor should report to you on the legal implications.
I am attracted to a couple of maisonettes in Burnham On Crouch which have about fifty years remaining on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the value of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this arena
I am employed by a reputable estate agent office in Burnham On Crouch where we have witnessed a number of flat sales jeopardised due to short leases. I have been given conflicting advice from local Burnham On Crouch conveyancing firms. Please can you clarify whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that 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 wait 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 at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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.
What are your top tips when it comes to appointing a Burnham On Crouch conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Burnham On Crouch conveyancing firm) it is imperative that they 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 Burnham On Crouch conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How experienced is the firm with lease extension legislation?
Can you provide any advice for leasehold conveyancing in Burnham On Crouch with the purpose of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Burnham On Crouch can be avoided where you instruct lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the buyers solicitors.
- In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Burnham On Crouch state that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord approving such alterations. Where you fail to have the paperwork in place do not communicate with the landlord without checking with your solicitor in the first instance.
I purchased a leasehold flat in Burnham On Crouch, conveyancing formalities finalised 2004. How much will my lease extension cost? Comparable properties in Burnham On Crouch with a long lease are worth £232,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease terminates on 21st October 2097
You have 76 years left to run we estimate the premium for your lease extension to span between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.