Fixed-fee leasehold conveyancing in Cheslyn Hay:

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Frequently asked questions relating to Cheslyn Hay leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Cheslyn Hay. Before diving in I want to be sure as to the unexpired term of the lease.

If the lease is registered - and almost all are in Cheslyn Hay - 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.

Due to complete next month on a garden flat in Cheslyn Hay. Conveyancing solicitors have said that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Cheslyn Hay should include some of the following:

  • You should be sent a copy of the lease
  • Does the lease prevent you from letting out the flat, or working from home
  • Whether your lease has a provision for a sinking fund?
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat
  • Changes to the flat (alterations and additions)
  • What the implications are if you breach a clause of your lease? For details of the information to be included in your report on your leasehold property in Cheslyn Hay please ask your conveyancer in ahead of your conveyancing in Cheslyn Hay

    • I am attracted to a two apartments in Cheslyn Hay which have in the region of fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?

    There are plenty of short leases in Cheslyn Hay. The 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 deteriorate and results in it becoming more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this area

    I've recently bought a leasehold flat in Cheslyn Hay. Am I liable to pay service charges for periods before completion of my purchase?

    Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

    If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

    Do you have any advice for leasehold conveyancing in Cheslyn Hay from the point of view of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Cheslyn Hay can be reduced where you get in touch lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the purchasers’ representatives.
    • Many freeholders or Management Companies in Cheslyn Hay charge for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Cheslyn Hay.
  • If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Cheslyn Hay state that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord acquiescing to such works. Should you fail to have the paperwork in place do not communicate with the landlord without contacting your lawyer in the first instance.
  • A minority of Cheslyn Hay leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly 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 purchasers or their solicitors.
  • You may think that you are aware of the number of years remaining on your lease but you should verify this via your solicitors. A purchaser's conveyancer will not be happy to advise their client to where the lease term is under 80 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • I inherited a studio flat in Cheslyn Hay, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Cheslyn Hay with over 90 years remaining are worth £225,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease finishes on 21st October 2076

    With just 51 years left to run we estimate the price of your lease extension to be between £38,000 and £44,000 plus professional fees.

    The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Cheslyn Hay