Common questions relating to Coleford leasehold conveyancing
I am in need of some leasehold conveyancing in Coleford. Before I get started I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Coleford - 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.
Planning to sign contracts shortly on a ground floor flat in Coleford. Conveyancing lawyers inform me that they report fully next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Coleford should include some of the following:
- You should receive a copy of the lease
I am a negotiator for a busy estate agency in Coleford where we have experienced a few flat sales derailed as a result of short leases. I have been given conflicting advice from local Coleford conveyancing firms. Can you clarify whether the seller of a flat can instigate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
What are your top tips when it comes to choosing a Coleford conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Coleford conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Coleford conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:
- Can they put you in touch with client in Coleford who can give a testimonial?
What makes a Coleford lease problematic?
There is nothing unique about leasehold conveyancing in Coleford. Most leases is drafted differently and drafting errors can result in certain sections 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
- A duty to insure the building
- 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
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. HSBC Bank, Coventry Building Society, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.
I own a split level flat in Coleford, conveyancing was carried out in 2010. Can you work out an approximate cost of a lease extension? Similar properties in Coleford with a long lease are worth £180,000. The ground rent is £60 invoiced every year. The lease runs out on 21st October 2093
With 69 years remaining on your lease we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account 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 before seeking the advice of a professional.