Sample questions relating to Cotswolds leasehold conveyancing
I am in need of some leasehold conveyancing in Cotswolds. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Cotswolds - 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.
Can you offer any advice when it comes to choosing a Cotswolds conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Cotswolds conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Cotswolds conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:
- Can they put you in touch with client in Cotswolds who can give a testimonial?
Can you provide any advice for leasehold conveyancing in Cotswolds from the point of view of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Cotswolds can be avoided if you appoint lawyers as soon as you market your property and request that they start to put together the leasehold documentation which will be required by the buyers lawyers.
- The majority freeholders or Management Companies in Cotswolds charge for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information 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 frequent reason for frustration in leasehold conveyancing in Cotswolds.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £425000 maisonette in Cotswolds on Wednesday in a week. The freeholder has quoted £372 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Cotswolds?
For most leasehold sales in Cotswolds conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering conveyancing due diligence questions
- Where consent is required before sale in Cotswolds
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
In relation to leasehold conveyancing in Cotswolds what are the most frequent lease defects?
Leasehold conveyancing in Cotswolds is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the premises
- 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
You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, The Mortgage Works, and Barclays Direct all have express 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, obliging the purchaser to withdraw.
I am the registered owner of a leasehold flat in Cotswolds, conveyancing having been completed in 2004. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Cotswolds with a long lease are worth £212,000. The average or mid-range amount of ground rent is £45 per annum. The lease ends on 21st October 2073
With just 53 years unexpired we estimate the premium for your lease extension to range between £31,400 and £36,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.