Examples of recent questions relating to leasehold conveyancing in Dunstable
I today plan to offer on a house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have just found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Dunstable. Conveyancing lawyers have are about to be appointed. Will they explain the issues?
The majority of houses in Dunstable are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Dunstable so you should seriously consider shopping around for a Dunstable conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your lawyer should advise you fully on all the issues.
I am attracted to a couple of flats in Dunstable which have about 50 years left on the leases. Will this present a problem?
There are plenty of short leases in Dunstable. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the saleability of the lease reduces 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. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena
I am employed by a busy estate agent office in Dunstable where we have experienced a few leasehold sales jeopardised as a result of short leases. I have received inconsistent advice from local Dunstable conveyancing firms. Could you shed some light as to whether the owner of a flat can instigate the lease extension process 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 buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is 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.
All being well we will complete the sale of our £125000 flat in Dunstable next week. The landlords agents has quoted £324 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Dunstable?
For the majority of leasehold sales in Dunstable conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering pre-exchange enquiries
- Where consent is required before sale in Dunstable
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
When it comes to leasehold conveyancing in Dunstable what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Dunstable. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Virgin Money, and Bank of Ireland 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, obliging the buyer to withdraw.
I am the registered owner of a garden flat in Dunstable, conveyancing formalities finalised in 1997. How much will my lease extension cost? Similar properties in Dunstable with over 90 years remaining are worth £175,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease comes to an end on 21st October 2096
With only 73 years remaining on your lease the likely cost is going to range between £11,400 and £13,200 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 the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.