Fixed-fee leasehold conveyancing in Earlswood:

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Examples of recent questions relating to leasehold conveyancing in Earlswood

Due to sign contracts shortly on a ground floor flat in Earlswood. Conveyancing solicitors assured me that they will have a report out to me within the next couple of days. What should I be looking out for?

Your report on title for your leasehold conveyancing in Earlswood should include some of the following:

  • You should be sent a copy of the lease
  • How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Repair and maintenance of the flat
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • Responsibility for repairing the window frames For a comprehensive list of information to be contained in your report on your leasehold property in Earlswood please ask your conveyancer in ahead of your conveyancing in Earlswood

    • I’m about to sell my basement apartment in Earlswood.Conveyancing lawyers have not yet been instructed but I have just had a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?

    Your conveyancing lawyer is likely to suggest that you should pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

    I am tempted by the attractive purchase price for a two apartments in Earlswood both have about fifty years unexpired on the leases. Will this present a problem?

    There are no two ways about it. A leasehold flat in Earlswood is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the property. The majority of buyers and mortgage companies, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Earlswood conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

    Do you have any advice for leasehold conveyancing in Earlswood with the intention of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Earlswood can be avoided where you instruct lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the buyers conveyancers.
    • The majority freeholders or managing agents in Earlswood charge for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Earlswood.
  • A minority of Earlswood leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be concerned about purchasing a flat where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as over rather than unresolved.
  • You believe that you know the number of years left on your lease but it would be advisable double-check via your lawyers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 75 years. In the circumstances it is important at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • What are the frequently found problems that you come across in leases for Earlswood properties?

    There is nothing unique about leasehold conveyancing in Earlswood. Most leases are individual and drafting errors can sometimes mean that certain provisions 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 property
    • Insurance obligations
    • 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 will 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. Yorkshire Building Society, The Mortgage Works, and Aldermore all have express requirements 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 purchaser to pull out.

    I inherited a 1st floor flat in Earlswood, conveyancing formalities finalised 1997. How much will my lease extension cost? Corresponding properties in Earlswood with an extended lease are worth £265,000. The ground rent is £45 levied per year. The lease ceases on 21st October 2079

    You have 54 years left to run we estimate the price of your lease extension to range between £34,200 and £39,600 as well as legals.

    The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Earlswood