Examples of recent questions relating to leasehold conveyancing in Easthampstead
I am on look out for some leasehold conveyancing in Easthampstead. Before diving in I would like to find out the unexpired term of the lease.
Assuming the lease is registered - and almost all are in Easthampstead - 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.
My wife and I purchased a leasehold flat in Easthampstead. Conveyancing and Leeds Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Easthampstead who previously acted has long since retired.Any advice?
The first thing you should do is contact HMLR to be sure that this person is indeed the new freeholder. It is not necessary to instruct a Easthampstead conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
What are your top tips when it comes to appointing a Easthampstead conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Easthampstead conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Easthampstead conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- If they are not ALEP accredited then why not?
Do you have any top tips for leasehold conveyancing in Easthampstead with the aim of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Easthampstead can be reduced if you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold information needed by the purchasers’ representatives.
- Many freeholders or Management Companies in Easthampstead levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Easthampstead.
Are there frequently found deficiencies that you come across in leases for Easthampstead properties?
Leasehold conveyancing in Easthampstead is not unique. Most leases is drafted differently and drafting errors can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the building
- 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. Accord Mortgages Ltd, The Royal Bank of Scotland, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I purchased a studio flat in Easthampstead, conveyancing was carried out 6 years ago. How much will my lease extension cost? Comparable properties in Easthampstead with a long lease are worth £230,000. The ground rent is £50 charged once a year. The lease runs out on 21st October 2096
With only 73 years unexpired the likely cost is going to span between £13,300 and £15,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.