Leasehold Conveyancing in Fetcham - Get a Quote from the leasehold experts approved by your lender

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Leasehold conveyancing in Fetcham is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Fetcham and next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Sample questions relating to Fetcham leasehold conveyancing

I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great figure which is making it more attractive. I have since found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Fetcham. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Fetcham ?

Most houses in Fetcham are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Fetcham in which case you should be looking for a Fetcham conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’sconsent to carry out alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your lawyer will report to you on the legal implications.

I own a leasehold house in Fetcham. Conveyancing and Lloyds TSB Bank 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 1995. The conveyancing solicitor in Fetcham who previously acted has now retired.Any advice?

The first thing you should do is contact the Land Registry to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Fetcham conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a two flats in Fetcham both have about 50 years left on the leases. Will this present a problem?

There are plenty of short leases in Fetcham. The lease is a right to use the property for a period of time. As the lease gets shorter the saleability of the lease deteriorate and results in it becoming more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this area

Can you provide any advice for leasehold conveyancing in Fetcham from the perspective of expediting the sale process?

  • Much of the delay in leasehold conveyancing in Fetcham can be bypassed if you appoint lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the buyers solicitors.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Fetcham state that internal structural changes or laying down wooden flooring calls for a licence from the Landlord acquiescing to such changes. Should you fail to have the paperwork to hand you should not contact the landlord without contacting your conveyancer before hand.
  • A minority of Fetcham leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is 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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be warry about purchasing a property where there is an ongoing dispute. 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 prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to present the dispute as over rather than unresolved.
  • You believe that you know the number of years left on your lease but you should verify this by asking your solicitors. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is below 75 years. It is therefore essential at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • What makes a Fetcham lease unacceptable for security purposes?

    Leasehold conveyancing in Fetcham is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the building
    • 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

    You could encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Coventry Building Society, and Britannia all have very detailed 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, obliging the purchaser to pull out.

    I purchased a leasehold flat in Fetcham, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Fetcham with a long lease are worth £238,000. The average or mid-range amount of ground rent is £60 levied per year. The lease runs out on 21st October 2103

    With just 78 years left to run we estimate the price of your lease extension to be between £11,400 and £13,200 as well as legals.

    The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Fetcham