Examples of recent questions relating to leasehold conveyancing in Crowborough
Due to exchange soon on a leasehold property in Crowborough. Conveyancing lawyers assured me that they will have a report out to me on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Crowborough should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
I am attracted to a two apartments in Crowborough both have in the region of 50 years unexpired on the lease term. Will this present a problem?
There are plenty of short leases in Crowborough. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the value of the lease reduces and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this area
I am a negotiator for a reputable estate agent office in Crowborough where we have experienced a few flat sales derailed as a result of short leases. I have received conflicting advice from local Crowborough conveyancing firms. Please can you shed some light as to whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Can you provide any advice for leasehold conveyancing in Crowborough from the point of view of expediting the sale process?
- Much of the delay in leasehold conveyancing in Crowborough can be avoided if you get in touch lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the buyers conveyancers.
- A minority of Crowborough leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any 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.
When it comes to leasehold conveyancing in Crowborough what are the most frequent lease problems?
Leasehold conveyancing in Crowborough is not unique. Most leases are unique and drafting errors can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the property
- 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
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, The Royal Bank of Scotland, and Barclays Direct all have express 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 grant the mortgage, forcing the buyer to pull out.
I invested in buying a leasehold flat in Crowborough, conveyancing was carried out in 2000. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Crowborough with over 90 years remaining are worth £267,000. The ground rent is £45 invoiced every year. The lease terminates on 21st October 2075
With 54 years left to run we estimate the price of your lease extension to range between £35,200 and £40,600 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure 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 concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.