Frequently asked questions relating to Cranfield leasehold conveyancing
I am on look out for some leasehold conveyancing in Cranfield. Before diving in I require certainty as to the remaining lease term.
Assuming the lease is registered - and almost all are in Cranfield - 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.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Cranfield. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Cranfield ?
The majority of houses in Cranfield are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Cranfield so you should seriously consider looking for a Cranfield conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor will appraise you on the various issues.
I own a leasehold house in Cranfield. Conveyancing and Lloyds TSB Bank mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Cranfield who acted for me is not around.Do I pay?
The first thing you should do is contact the Land Registry to make sure that the individual claiming to own the freehold is indeed the new freeholder. There is no need to incur the fees of a Cranfield conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
What advice can you give us when it comes to appointing a Cranfield conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Cranfield conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Cranfield conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:
- If the firm is not ALEP accredited then what is the reason?
What makes a Cranfield lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Cranfield. Most leases is drafted differently and drafting errors can sometimes mean that certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the building
- Insurance obligations
- 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, Virgin Money, and Bank of Ireland 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 does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.
I invested in buying a split level flat in Cranfield, conveyancing formalities finalised in 2002. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Cranfield with a long lease are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease finishes on 21st October 2086
With only 66 years remaining on your lease we estimate the price of your lease extension to span between £11,400 and £13,200 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 renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.