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

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While any conveyancing practice can theoretically deal with your leasehold conveyancing in Cannock, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Cannock leasehold conveyancing: Q and A’s

I am on look out for some leasehold conveyancing in Cannock. Before I get started I require certainty as to the remaining lease term.

Assuming the lease is registered - and most are in Cannock - 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 today plan to offer on a house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Cannock. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Cannock ?

The majority of houses in Cannock are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Cannock in which case you should be shopping around for a Cannock conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your solicitor should appraise you on the various issues.

I own a leasehold house in Cannock. Conveyancing and Aldermore mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Cannock who acted for me is not around.What should I do?

First contact HMLR to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Cannock conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

Do you have any top tips for leasehold conveyancing in Cannock with the aim of expediting the sale process?

  • Much of the delay in leasehold conveyancing in Cannock can be reduced where you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
  • Many landlords or Management Companies in Cannock 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 as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Cannock.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Cannock state that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord approving such alterations. Where you fail to have the consents in place do not communicate with the landlord without checking with your solicitor in advance.
  • Some Cannock leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If you have had conflict with your landlord or managing agents it is essential that these are resolved before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is ongoing. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than unsettled.

    • What are the common defects that you witness in leases for Cannock properties?

    Leasehold conveyancing in Cannock is not unique. Most leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain parts of the building
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    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. Nationwide Building Society, Norwich and Peterborough Building Society, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.

    I purchased a 1st floor flat in Cannock, conveyancing formalities finalised 1996. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Cannock with over 90 years remaining are worth £195,000. The average or mid-range amount of ground rent is £60 per annum. The lease comes to an end on 21st October 2087

    You have 62 years unexpired the likely cost is going to range between £16,200 and £18,600 plus professional fees.

    The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Cannock