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Top Five Questions relating to East Preston leasehold conveyancing

I am in need of some leasehold conveyancing in East Preston. Before diving in I would like to find out the unexpired term of the lease.

Assuming the lease is registered - and 99.9% are in East Preston - 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.

Looking forward to complete next month on a basement flat in East Preston. Conveyancing solicitors inform me that they report fully tomorrow. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in East Preston should include some of the following:

  • You should be sent a copy of the lease
  • Does the lease prohibit wood flooring?
  • Whether the lease restricts you from subletting the property, or working from home
  • You must be told what constitutes a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? For details of the information to be included in your report on your leasehold property in East Preston please enquire of your conveyancer in ahead of your conveyancing in East Preston

    • I’m about to sell my garden apartment in East Preston.Conveyancing is yet to be initiated but I have just had a yearly maintenance charge invoice – what should I do?

    Your conveyancing lawyer is likely to suggest that you should discharge the invoice 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 until 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. Having a clear account will assist your cause and will leave you no worse off financially.

    I've found a house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have since been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in East Preston. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in East Preston ?

    The majority of houses in East Preston are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in East Preston in which case you should be shopping around for a East Preston conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your solicitor should appraise you on the various issues.

    Do you have any top tips for leasehold conveyancing in East Preston with the aim of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in East Preston can be reduced where you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the buyers solicitors.
    • The majority freeholders or managing agents in East Preston charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in East Preston.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? East Preston leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord approving such works. Should you dont have the consents to hand you should not contact the landlord without checking with your solicitor before hand.
  • A minority of East Preston leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • You may think that you are aware of the number of years left on your lease but it would be advisable verify this by asking your conveyancers. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is below 75 years. In the circumstances it is essential 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 home on the market for sale.

    • I acquired a garden flat in East Preston, conveyancing formalities finalised in 2012. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in East Preston with over 90 years remaining are worth £241,000. The ground rent is £65 charged once a year. The lease comes to an end on 21st October 2083

    With just 58 years unexpired the likely cost is going to span between £22,800 and £26,400 plus professional fees.

    The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in East Preston