Datchet leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Datchet. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Datchet - 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.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have subsequently found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Datchet. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Datchet ?
Most houses in Datchet 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 clear that you are buying in Datchet in which case you should be shopping around for a Datchet conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’spermission to carry out alterations. You may also be required to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your solicitor will advise you fully on all the issues.
I am looking at a couple of apartments in Datchet which have approximately forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Datchet. The lease is a right to use the property for a prescribed time frame. As the lease shortens the marketability of the lease deteriorate and results in it becoming more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this field
Can you offer any advice when it comes to finding a Datchet conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Datchet conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Datchet conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- If the firm is not ALEP accredited then why not?
Can you provide any top tips for leasehold conveyancing in Datchet with the purpose of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Datchet can be bypassed where you appoint lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the buyers lawyers.
- Many freeholders or managing agents in Datchet charge for supplying management packs for a leasehold property. You or your lawyers should find out 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 frequent reason for delay in leasehold conveyancing in Datchet.
Datchet Conveyancing for Leasehold Flats - A selection of Queries before buying
How many of the leaseholders are in arrears for their service charge payments?
How much is the maintenance charge and ground rent on the property?
If a Datchet lease has less than eighty years it will impact the marketability of the property. It is worth checking with your lender that they are willing to lend given the lease term. A short lease means that you will probably have to extend the lease at some point and you need to have some idea of what this would cost. Remember, in most cases you would need to own the property for 24 months before you are eligible to extend the lease.