Durham leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Durham. Before diving in I require certainty as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Durham - then the leasehold title will always include the short particulars 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 exchange soon on a basement flat in Durham. Conveyancing solicitors assured me that they report fully next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Durham should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
What are your top tips when it comes to choosing a Durham conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Durham conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Durham conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How experienced is the practice with lease extension legislation?
All being well we will complete the disposal of our £150000 garden flat in Durham next Wednesday . The landlords agents has quoted £336 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Durham?
Durham conveyancing on leasehold flats often requires the purchaser’s solicitor sending enquiries for the landlord to answer. Although the landlord is not legally bound to answer these enquiries most will be content to assist. They are at liberty levy a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some situations it exceeds £800. The administration charge required by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration fees, otherwise the charge is technically not due. Reality however dictates that one has no option but to pay whatever is requested of you should you wish to sell the property.
Are there frequently found defects that you see in leases for Durham properties?
Leasehold conveyancing in Durham is not unique. Most leases are individual and legal mistakes in the legal wording 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 premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You may have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Virgin Money, and Platform Home Loans Ltd all have express conveyancing instructions 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 pull out.
Durham Conveyancing for Leasehold Flats - A selection of Queries Prior to Purchasing
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Who takes responsibility for maintaining and repairing the block?
In the main the cost for major works are not included within service charges, albeit that some managing agents in Durham obliged leasehold owners to pay into a reserve fund and this is used to offset against major repairs or maintenance.
It would be sensible to investigate if the the lease contains any adverse restrictions in the lease. For instance some leases prohibit pets being allowed in in a block in Durham. If you like the flatin Durham however your cat is not allowed to live with you then you have a very hard compromise.
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