Experts for Leasehold Conveyancing in Eaton Bray

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Eaton Bray leasehold conveyancing Example Support Desk Enquiries

I am in need of some leasehold conveyancing in Eaton Bray. Before I get started 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 Eaton Bray - 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.

Frank (my husband) and I may need to sub-let our Eaton Bray 1st floor flat for a while due to a new job. We instructed a Eaton Bray conveyancing firm in 2004 but they have closed and we did not have the foresight to seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?

A lease governs the relationship between the landlord and you the leaseholder; in particular, it will indicate if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Eaton Bray do not contain subletting altogether – such a provision would adversely affect the market value the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.

Looking forward to exchange soon on a ground floor flat in Eaton Bray. Conveyancing solicitors inform me that they report fully on Monday. What should I be looking out for?

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

  • Does the lease require carpeting throughout thus preventing wood flooring?
  • Are pets allowed in the flat?
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • Whether your lease has a provision for a sinking fund?
  • Changes to the flat (alterations and additions)
  • 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.
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be included in your report on your leasehold property in Eaton Bray please enquire of your lawyer in ahead of your conveyancing in Eaton Bray

    • Can you offer any advice when it comes to appointing a Eaton Bray conveyancing practice to carry out our lease extension conveyancing?

    If you are instructing a solicitor for lease extension works (regardless if they are a Eaton Bray conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Eaton Bray conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:

    • How familiar is the firm with lease extension legislation?
  • What are the legal fees for lease extension work?

    • Can you provide any top tips for leasehold conveyancing in Eaton Bray from the point of view of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Eaton Bray can be avoided if you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation needed by the purchasers’ representatives.
    • The majority landlords or managing agents in Eaton Bray levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Eaton Bray.
  • A minority of Eaton Bray leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying 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 buyers or their solicitors.
  • If you have had conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where a dispute is unsettled. You may need to swallow your pride and 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 ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic rather than unsettled.
  • You believe that you know the number of years remaining on your lease but it would be wise to double-check by asking your lawyers. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. In the circumstances it is important at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • I invested in buying a ground floor flat in Eaton Bray, conveyancing was carried out 2012. Can you work out an approximate cost of a lease extension? Corresponding flats in Eaton Bray with a long lease are worth £169,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease runs out on 21st October 2084

    With only 59 years unexpired the likely cost is going to be between £23,800 and £27,400 plus legals.

    The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. 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. Neither should you take any other action based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Eaton Bray