Guaranteed fixed fees for Leasehold Conveyancing in Chester

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

Examples of recent questions relating to leasehold conveyancing in Chester

I have recently realised that I have 72 years unexpired on my flat in Chester. I am keen to get lease extension but my landlord is absent. What should I do?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to track down the freeholder. For most situations a specialist would be helpful to carry out a search and to produce a report to be used as proof that the landlord is indeed missing. It is advisable to get professional help from a solicitor in relation to devolving into the landlord’s absence and the vesting order request to the County Court overseeing Chester.

I am attracted to a two apartments in Chester which have about 50 years left on the leases. should I be concerned?

There is no doubt about it. A leasehold apartment in Chester is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most purchasers and lenders, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Chester conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

What are your top tips when it comes to choosing a Chester conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a solicitor for lease extension works (regardless if they are a Chester conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Chester conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:

  • If the firm is not ALEP accredited then why not?
  • What volume of lease extensions has the firm conducted in Chester in the last twenty four months?

    • Do you have any advice for leasehold conveyancing in Chester from the perspective of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Chester can be bypassed where you get in touch lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the buyers conveyancers.
    • The majority freeholders or Management Companies in Chester charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for 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 usual cause of delay in leasehold conveyancing in Chester.
  • If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Chester leases often stipulate that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord consenting to such works. Where you fail to have the paperwork to hand do not communicate with the landlord without contacting your lawyer first.
  • Some Chester leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet 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 buyers or their lawyers.
  • If you have had conflict with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where a dispute is unsettled. You may have to bite the bullet and 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 prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to present the dispute as over as opposed to unresolved.

    • When it comes to leasehold conveyancing in Chester what are the most common lease defects?

    Leasehold conveyancing in Chester is not unique. All leases are unique and drafting errors can result in certain clauses are wrong. 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 premises
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    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. Nationwide Building Society, Barnsley Building Society, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.

    Leasehold Conveyancing in Chester - Examples of Queries Prior to buying

      Please note if it is fewer than eighty years it will impact the salability of the property. Check with your lender that they are happy with residual term of the lease. A short lease means that you will almost definitely have to extend the lease sooner rather than later and it is worth discovering how much this will be. Remember, in most cases you would need to own the premises for a couple of years in order to be legally able to extend the lease. Most Chester leasehold apartments will incur a service charge for maintenance of the building levied on behalf of the management company. Where you acquire the flat you will have to meet this liability, usually in instalments accross the year. This may be anything from a couple of hundred pounds to thousands of pounds for bigger purpose-built blocks. In all likelihood there will be a rentcharge for you to pay annual, normally this is not a significant sum, say around £25-£75 but you should to enquire it because on occasion it could be prohibitively expensive. You will want to find out as much as you can about the managing agents as they will either make your living at the property much simpler or much more difficult. Being a leasehold owner you are frequently in the clutches of the managing agents from a financial perspective and when it comes to day to day issues such as the cleanliness of the communal areas. Don't be afraid to ask other tenants whether they are happy with them. In conclusion, investigate as to the dates that the service fees are due to the relevant party and precisely what you get for your money.

    Other Topics

    Lease Extensions in Chester