I am on look out for some leasehold conveyancing in Farnham Royal. Before diving in I want to be sure as to the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and almost all are in Farnham Royal - 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.

I am attracted to a two flats in Farnham Royal both have about 50 years left on the leases. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in Farnham Royal is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most buyers and lenders, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 a residence 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 Farnham Royal 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

What are your top tips when it comes to appointing a Farnham Royal conveyancing firm to carry out our lease extension conveyancing?

When appointing a solicitor for lease extension works (regardless if they are a Farnham Royal conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Farnham Royal conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

• What volume of lease extensions has the firm conducted in Farnham Royal in the last 12 months?
• Can they put you in touch with client in Farnham Royal who can give a testimonial?

Can you provide any top tips for leasehold conveyancing in Farnham Royal from the point of view of speeding up the sale process?

• Much of the delay in leasehold conveyancing in Farnham Royal can be bypassed if you instruct lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information which will be required by the purchasers’ representatives.
• The majority freeholders or managing agents in Farnham Royal charge for providing management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management pack sought 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 frequent cause of frustration in leasehold conveyancing in Farnham Royal.
• In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Farnham Royal leases often stipulate that internal structural changes or addition of wooden flooring require a licence issued by the Landlord consenting to such works. Should you dont have the paperwork in place do not communicate with the landlord without checking with your lawyer before hand.
• A minority of Farnham Royal leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are 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 hold a share in a the Management Company, you should ensure that you are holding the original share document. Obtaining a re-issued share certificate can be a lengthy process and slows down many a Farnham Royal conveyancing deal. If a duplicate share is needed, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible.

What are the frequently found problems that you encounter in leases for Farnham Royal properties?

There is nothing unique about leasehold conveyancing in Farnham Royal. Most leases are unique and drafting errors can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the premises
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• 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 primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Leeds Building Society, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.

Farnham Royal Leasehold Conveyancing - A selection of Queries Prior to buying

This information is helpful as a) areas could result in problems in the block as the common areas may begin to deteriorate if maintenance are not paid for b) if the tenants have an issue with the managing agents you will need to have all the details Can you inform me if there are any major works anticipated that could add a premium to the maintenance charges? Is the freehold owned jointly by the leaseholders?