Questions and Answers: Dursley leasehold conveyancing
I am in need of some leasehold conveyancing in Dursley. Before diving in I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and most are in Dursley - 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 put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have subsequently found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Dursley. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Dursley ?
The majority of houses in Dursley are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are buying in Dursley so you should seriously consider looking for a Dursley conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to conduct alterations. You may also be required to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your solicitor will report to you on the legal implications.
Can you offer any advice when it comes to appointing a Dursley conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Dursley conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Dursley conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:
- Can they put you in touch with client in Dursley who can give a testimonial?
Completion in due on our sale of a £350000 flat in Dursley next week. The management company has quoted £384 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Dursley?
Dursley conveyancing on leasehold apartments usually necessitates the purchaser’s conveyancer submitting questions for the landlord to address. Although the landlord is under no legal obligation to address such questions most will be content to do so. They are entitled levy a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some transactions it is in excess of £800. The administration charge required by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration charges, otherwise the charge is technically not due. Reality however dictates that one has no choice but to pay whatever is demanded if you want to sell the property.
Are there frequently found problems that you see in leases for Dursley properties?
There is nothing unique about leasehold conveyancing in Dursley. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- 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, The Mortgage Works, and Aldermore 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, obliging the buyer to pull out.
I bought a basement flat in Dursley, conveyancing having been completed 4 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Dursley with over 90 years remaining are worth £195,000. The average or mid-range amount of ground rent is £55 yearly. The lease comes to an end on 21st October 2094
With only 73 years remaining on your lease we estimate the price of your lease extension to span between £11,400 and £13,200 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns 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 without first getting professional advice.