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Questions and Answers: Crabtree leasehold conveyancing

I am on look out for some leasehold conveyancing in Crabtree. Before diving in I would like to find out the unexpired term of the lease.

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

Planning to sign contracts shortly on a ground floor flat in Crabtree. Conveyancing solicitors inform me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?

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

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Does the lease prohibit wood flooring?
  • Does the lease prevent you from letting out the property, or having a home office for business
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • Whether your lease has a provision for a reserve fund?
  • Repair and maintenance of the flat
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required For a comprehensive list of information to be included in your report on your leasehold property in Crabtree please ask your solicitor in advance of your conveyancing in Crabtree

    • I’m about to sell my 2 bed flat in Crabtree.Conveyancing is yet to be initiated but I have just received a half-yearly service charge invoice – should I leave it to the buyer to sort out?

    It best that you pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

    Can you offer any advice when it comes to appointing a Crabtree conveyancing firm to carry out our lease extension conveyancing?

    If you are instructing a property lawyer for your lease extension (regardless if they are a Crabtree conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Crabtree 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 helpful:

    • How many lease extensions have they carried out in Crabtree in the last 12 months?
  • What are the legal fees for lease extension work?

    • What makes a Crabtree lease unacceptable for security purposes?

    There is nothing unique about leasehold conveyancing in Crabtree. All leases are unique and drafting errors can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the property
    • 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

    You may encounter 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. Halifax, Skipton Building Society, and TSB all have very detailed requirements 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 provide security, forcing the buyer to pull out.

    I purchased a 1st floor flat in Crabtree, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Similar flats in Crabtree with a long lease are worth £224,000. The average or mid-range amount of ground rent is £50 levied per year. The lease terminates on 21st October 2082

    With just 57 years unexpired the likely cost is going to span between £24,700 and £28,600 as well as 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 extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Crabtree