Recently asked questions relating to Chalfont St Peter leasehold conveyancing
I am on look out for some leasehold conveyancing in Chalfont St Peter. Before I get started I would like to find out the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and almost all are in Chalfont St Peter - then the leasehold title will always include the basic details 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 am attracted to a two apartments in Chalfont St Peter which have in the region of forty five years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Chalfont St Peter. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a 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 increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this field
What advice can you give us when it comes to appointing a Chalfont St Peter conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Chalfont St Peter conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Chalfont St Peter conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:
- If they are not ALEP accredited then why not?
Can you provide any advice for leasehold conveyancing in Chalfont St Peter with the intention of expediting the sale process?
- Much of the delay in leasehold conveyancing in Chalfont St Peter can be reduced where you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the purchasers’ solicitors.
- The majority freeholders or Management Companies in Chalfont St Peter levy fees for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Chalfont St Peter.
Notwithstanding our best efforts, we have been unsuccessful in trying to purchase the freehold in Chalfont St Peter. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We are happy to put you in touch with a Chalfont St Peter conveyancing firm who can help.
An example of a Lease Extension decision for a Chalfont St Peter property is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case related to 3 flats. The the number of years remaining on the existing lease(s) was 71 years.
What makes a Chalfont St Peter lease defective?
There is nothing unique about leasehold conveyancing in Chalfont St Peter. All leases is drafted differently and drafting errors can sometimes mean that 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 elements of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Virgin Money, and Barclays Direct all have express 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 pull out.