Top Five Questions relating to Danescourt leasehold conveyancing
I am on look out for some leasehold conveyancing in Danescourt. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Danescourt - then the leasehold title will always include the basic details 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.
Looking forward to complete next month on a basement flat in Danescourt. Conveyancing lawyers inform me that they report fully within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Danescourt should include some of the following:
- The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
I work for a long established estate agent office in Danescourt where we see a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Danescourt conveyancing firms. Please can you clarify whether the owner of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
What advice can you give us when it comes to finding a Danescourt conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Danescourt conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Danescourt conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- Can they put you in touch with client in Danescourt who can give a testimonial?
What makes a Danescourt lease unmortgageable?
There is nothing unique about leasehold conveyancing in Danescourt. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. 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 premises
- A duty to insure the building
- 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 could encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Skipton Building Society, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.
I invested in buying a 2 bed flat in Danescourt, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Danescourt with over 90 years remaining are worth £245,000. The ground rent is £65 invoiced every year. The lease ends on 21st October 2077
With only 54 years left to run we estimate the price of your lease extension to be between £28,500 and £33,000 as well as legals.
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 in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.