Fixed-fee leasehold conveyancing in Farnham Royal:

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Sample questions relating to Farnham Royal leasehold conveyancing

Due to exchange soon on a studio apartment in Farnham Royal. Conveyancing lawyers inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?

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

  • The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
  • The physical extent of the property. This will be the apartment itself but could also incorporate a roof space or basement if applicable.
  • Will you be prohibited or prevented from having pets in the property?
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a sinking fund?
  • Changes to the flat (alterations and additions)
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For a comprehensive list of information to be contained in your report on your leasehold property in Farnham Royal please ask your solicitor in ahead of your conveyancing in Farnham Royal

    • Back In 2004, I bought a leasehold house in Farnham Royal. Conveyancing and Bank of Scotland mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Farnham Royal who previously acted has now retired.What should I do?

    The first thing you should do is contact HMLR to be sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Farnham Royal conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

    I am employed by a long established estate agent office in Farnham Royal where we have experienced a number of leasehold sales derailed due to leases having less than 80 years remaining. I have been given inconsistent advice from local Farnham Royal conveyancing solicitors. Could you clarify whether the vendor of a flat can instigate the lease extension formalities 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. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

    An alternative approach is to agree the lease extension with the freeholder 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 purchaser.

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

    If you are instructing a property lawyer for lease extension works (regardless if they are a Farnham Royal conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Farnham Royal conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

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

    • What makes a Farnham Royal lease problematic?

    Leasehold conveyancing in Farnham Royal is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the property
    • A duty to insure the building
    • 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 problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Leeds Building Society, and Nottingham Building Society 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 purchaser to withdraw.

    Farnham Royal Leasehold Conveyancing - Examples of Questions you should consider before Purchasing

      Does the lease have in excess of 82 years unexpired? Does the lease have onerous restrictions? This question is useful as a) areas may cause problems in the building as the communal areas may begin to deteriorate if services are not paid for b) if the tenants have an issue with the running of the building you will need to have full disclosure

    Other Topics

    Lease Extensions in Farnham Royal