Experts for Leasehold Conveyancing in Exton

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When it comes to leasehold conveyancing in Exton, you will need to instruct a conveyancing solicitor with leasehold experience. Whether your mortgage company is to be Lloyds, RBS or Nationwide make sure you choose a lawyer on their panel. Feel free to use our search tool

Examples of recent questions relating to leasehold conveyancing in Exton

I am on look out for some leasehold conveyancing in Exton. Before diving in I would like to find out the number of years remaining on the lease.

Assuming the lease is registered - and 99.9% are in Exton - then the leasehold title will always include the short particulars 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.

Due to sign contracts shortly on a ground floor flat in Exton. Conveyancing solicitors assured me that they report fully tomorrow. What should I be looking out for?

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

  • The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • Defining your rights in relation to common areas in the block.E.G., does the lease provide for a right of way over an accessway or hallways?
  • Will you be prohibited or prevented from having pets in the property?
  • 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.
  • Responsibility for repairing the window frames
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Exton please ask your solicitor in ahead of your conveyancing in Exton

    • I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have subsequently found out that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Exton. Conveyancing advisers have are soon to be instructed. Will they explain the issues?

    Most houses in Exton are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Exton so you should seriously consider looking for a Exton conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’sconsent to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your solicitor will appraise you on the various issues.

    I am looking at a couple of apartments in Exton both have about forty five years unexpired on the lease term. Will this present a problem?

    There is no doubt about it. A leasehold flat in Exton is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. The majority of purchasers and banks, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 premises 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 Exton 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

    Can you provide any top tips for leasehold conveyancing in Exton from the point of view of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Exton can be bypassed if you appoint lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information which will be required by the buyers representatives.
    • The majority freeholders or Management Companies in Exton charge for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. 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 Exton.
  • A minority of Exton leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly 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.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you have the original share certificate. Obtaining a new share certificate is often a lengthy formality and slows down many a Exton conveyancing transaction. If a duplicate share is necessary, do contact the company director and secretary or managing agents (where applicable) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check via your lawyers. A buyer’s lawyer will not be happy to advise their client to where the remaining number of years is under 75 years. It is therefore important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • I bought a basement flat in Exton, conveyancing formalities finalised 8 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Exton with a long lease are worth £244,000. The average or mid-range amount of ground rent is £55 per annum. The lease expires on 21st October 2093

    With only 68 years remaining on your lease we estimate the premium for your lease extension to range between £11,400 and £13,200 plus professional fees.

    The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Exton