Top Five Questions relating to Canford Cliffs leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Canford Cliffs. Before I get started I want to be sure as to the number of years remaining on the lease.
Assuming the lease is registered - and most are in Canford Cliffs - 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 only have Sixty One years remaining on my lease in Canford Cliffs. I now want to extend my lease but my freeholder is missing. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. You will be obliged to prove that you have used your best endeavours to locate the lessor. In some cases an enquiry agent should be helpful to try and locate and prepare an expert document to be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s disappearance and the application to the County Court covering Canford Cliffs.
Due to exchange soon on a garden flat in Canford Cliffs. Conveyancing solicitors inform me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Canford Cliffs should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I am attracted to a couple of maisonettes in Canford Cliffs both have about forty five years remaining on the leases. Will this present a problem?
There are plenty of short leases in Canford Cliffs. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the value of the lease decreases and results in it becoming more expensive to acquire a lease extension. This is why it is advisable to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area
When it comes to leasehold conveyancing in Canford Cliffs what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Canford Cliffs. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts 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
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Barnsley Building Society, and Britannia 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 provide security, obliging the purchaser to pull out.
I am the registered owner of a studio flat in Canford Cliffs, conveyancing formalities finalised 1996. Can you work out an approximate cost of a lease extension? Corresponding flats in Canford Cliffs with over 90 years remaining are worth £257,000. The ground rent is £50 per annum. The lease ceases on 21st October 2079
You have 59 years left to run we estimate the price of your lease extension to span between £20,900 and £24,200 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.