Recently asked questions relating to Easthampstead leasehold conveyancing
I am in need of some leasehold conveyancing in Easthampstead. Before I set the wheels in motion I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - 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.
I am tempted by the attractive purchase price for a two apartments in Easthampstead which have in the region of forty five years left on the leases. should I be concerned?
There are plenty of short leases in Easthampstead. The lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the saleability of the lease reduces and results in it becoming more costly to extend the lease. This is why it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this field
I am employed by a long established estate agency in Easthampstead where we see a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Easthampstead conveyancing solicitors. Could you clarify whether the owner of a flat can start the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Can you offer any advice when it comes to finding a Easthampstead conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Easthampstead conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Easthampstead conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- What volume of lease extensions has the firm conducted in Easthampstead in the last twenty four months?
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £225000 garden flat in Easthampstead in six days. The managing agents has quoted £348 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Easthampstead?
Easthampstead conveyancing on leasehold maisonettes ordinarily involves administration charges levied by managing agents :
- Answering conveyancing due diligence enquiries
- Where consent is required before sale in Easthampstead
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Easthampstead Leasehold Conveyancing - A selection of Questions you should ask Prior to buying
For most Easthampstead leaseholds the cost for major works are not included within maintenance charges, although some managing agents in Easthampstead ask tenants to pay into a sinking fund and this is used to offset against larger repairs or maintenance.
Are any of leasehold owners in arrears of their service charge payments?
What prohibitions are there in the Easthampstead Lease?