Quality lawyers for Leasehold Conveyancing in Craven Arms

Get a Quote

When it comes to leasehold conveyancing in Craven Arms, you will need to chose a conveyancing practitioner with leasehold experience. Whether your mortgage company is to be Halifax, Yorkshire Building Society or Bradford & Bingley make sure you find a lawyer on their approved list. Feel free to use our search tool

Craven Arms leasehold conveyancing: Q and A’s

I own a leasehold flat in Craven Arms. Conveyancing and The Mortgage Works mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Craven Arms who previously acted has long since retired.Do I pay?

The first thing you should do is contact the Land Registry to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Craven Arms conveyancing firm to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am tempted by the attractive purchase price for a couple of flats in Craven Arms both have in the region of 50 years left on the lease term. Do I need to be concerned?

A lease is a right to use the property for a period of time. As a lease shortens the saleability of the lease decreases and it becomes more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease extension can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this field

What are your top tips when it comes to finding a Craven Arms conveyancing firm to deal with our lease extension?

If you are instructing a conveyancer for your lease extension (regardless if they are a Craven Arms conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Craven Arms conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:

  • If they are not ALEP accredited then what is the reason?
  • What volume of lease extensions have they completed in Craven Arms in the last twenty four months?

    • Do you have any top tips for leasehold conveyancing in Craven Arms with the intention of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Craven Arms can be avoided if you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information needed by the purchasers’ lawyers.
    • Many freeholders or Management Companies in Craven Arms levy fees for providing management packs for a leasehold property. You or your lawyers should discover 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 Craven Arms.
  • If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Craven Arms state that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord approving such works. Should you dont have the consents in place do not contact the landlord without checking with your conveyancer before hand.
  • Some Craven Arms leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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 purchasers or their solicitors.
  • If you are supposed to have a share in the Management Company, you should ensure that you hold the original share document. Obtaining a new share certificate is often a time consuming formality and frustrates many a Craven Arms conveyancing deal. Where a reissued share is needed, do contact the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.

    • What are the frequently found defects that you encounter in leases for Craven Arms properties?

    Leasehold conveyancing in Craven Arms is not unique. Most leases are individual and legal mistakes in the legal wording 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
    • 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 issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, The Royal Bank of Scotland, and Aldermore all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.

    I inherited a 1 bedroom flat in Craven Arms, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Craven Arms with a long lease are worth £240,000. The average or mid-range amount of ground rent is £55 per annum. The lease finishes on 21st October 2089

    With just 64 years unexpired we estimate the premium for your lease extension to be between £18,100 and £20,800 as well as plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Craven Arms