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

Any conveyancing practice can theoretically deal with your leasehold conveyancing in Forest Row, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Forest Row leasehold conveyancing: Q and A’s

I am on look out for some leasehold conveyancing in Forest Row. Before diving in I want to be sure as to the unexpired term of the lease.

If the lease is registered - and most are in Forest Row - 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 today plan to offer on a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have subsequently discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Forest Row. Conveyancing advisers have are soon to be appointed. Will they explain the issues?

Most houses in Forest Row are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Forest Row in which case you should be shopping around for a Forest Row conveyancing practitioner and be sure that they are used to transacting on leasehold houses. As a matter of priority 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’spermission to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your solicitor should report to you on the legal implications.

Back In 2008, I bought a leasehold flat in Forest Row. Conveyancing and Leeds Building Society mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1992. The conveyancing solicitor in Forest Row who acted for me is not around.Any advice?

The first thing you should do is make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. There is no need to instruct a Forest Row conveyancing firm to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a two apartments in Forest Row both have about fifty years left on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Forest Row. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the marketability of the lease deteriorate and it becomes more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this field

Can you provide any top tips for leasehold conveyancing in Forest Row with the purpose of saving time on the sale process?

  • Much of the frustration in leasehold conveyancing in Forest Row can be reduced where you instruct lawyers the minute your agents start marketing the property and ask them to collate the leasehold information which will be required by the purchasers’ representatives.
  • The majority freeholders or Management Companies in Forest Row charge for supplying management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Forest Row.
  • A minority of Forest Row leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain 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 lawyers.
  • If you have had any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase 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 ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to ongoing.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share certificate. Arranging a new share certificate is often a lengthy formality and delays many a Forest Row conveyancing transaction. If a new share certificate is needed, you should approach the company officers or managing agents (where relevant) for this as soon as possible.

  • Leasehold Conveyancing in Forest Row - Examples of Questions you should consider Prior to buying

      Can you tell me if there are any major works anticipated that could add a premium to the maintenance fees? Is there a share of the freehold? Please note that where the lease has less than eighty years it will have adverse implications on the marketability of the flat. Check with your bank that they are content with residual term of the lease. Leases with less than 80 years remaining means that you will almost definitely require a lease extension at some point and you need to have some idea of what this would cost. Remember, in most cases you will need to own the premises for a couple of years before you are legally able to carry out a lease extension.

    Other Topics

    Lease Extensions in Forest Row