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Any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Cross Hands, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Cross Hands leasehold conveyancing: Q and A’s

I am hoping to complete next month on a studio apartment in Cross Hands. Conveyancing solicitors have said that they are sending me a report next week. What should I be looking out for?

Your report on title for your leasehold conveyancing in Cross Hands should include some of the following:

  • How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • 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 sinking fund?
  • 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
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • What you can do if a neighbour breach a clause of their lease? For a comprehensive list of information to be contained in your report on your leasehold property in Cross Hands please ask your conveyancer in advance of your conveyancing in Cross Hands

    • I have just appointed agents to market my basement apartment in Cross Hands.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge invoice – what should I do?

    Your conveyancing lawyer is likely to suggest that you should pay the invoice 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 unless 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.

    Back In 2004, I bought a leasehold flat in Cross Hands. Conveyancing and Clydesdale mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Cross Hands who acted for me is not around.What should I do?

    The first thing you should do is make enquiries of HMLR to be sure that this person is indeed the new freeholder. You do not need to incur the fees of a Cross Hands conveyancing firm to do this as you can do this on the Land Registry website for £3. Rest assured 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.

    I am tempted by the attractive purchase price for a couple of flats in Cross Hands which have in the region of fifty years unexpired on the lease term. should I be concerned?

    There are plenty of short leases in Cross Hands. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the saleability of the lease decreases and results in it becoming more costly 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 unwilling to lend money on such properties. Lease extension can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena

    When it comes to leasehold conveyancing in Cross Hands what are the most common lease problems?

    Leasehold conveyancing in Cross Hands is not unique. All leases are unique and drafting errors can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the premises
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    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. Santander, Leeds Building Society, and Alliance & Leicester all have very detailed 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 grant the mortgage, obliging the buyer to pull out.

    Leasehold Conveyancing in Cross Hands - A selection of Queries before buying

      The best form of lease structure is a share of the freehold. In this arrangement the lessees enjoy being in charge if their destiny and although a managing agent is frequently employed if the building is bigger than a house conversion, the managing agent is directed by the tenants. Can you tell me if there are any major works on the horizon that will add a premium to the service costs? You should be aware that where the lease has fewer than eighty years it will have adverse implications on the marketability of the property. It is worth checking with your bank that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will most likely have to extend the lease at some point and you need to have some idea of what this will be. For most Cross Handslease extensions you will need to own the property for 24 months before you are eligible to extend the lease.

    Other Topics

    Lease Extensions in Cross Hands