Guaranteed fixed fees for Leasehold Conveyancing in Frant

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Top Five Questions relating to Frant leasehold conveyancing

I've found a house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have subsequently 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 Frant. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?

The majority of houses in Frant are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Frant in which case you should be looking for a Frant conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. 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 maintenance of the estate where the property is located on an estate. Your solicitor should report to you on the legal implications.

My wife and I purchased a leasehold house in Frant. Conveyancing and Virgin Money mortgage are in place. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Frant who previously acted has long since retired.Do I pay?

The first thing you should do is make enquiries of HMLR to make sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Frant conveyancing firm 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 legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I work for a reputable estate agent office in Frant where we have experienced a few flat sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local Frant conveyancing firms. Please can you confirm whether the seller of a flat can instigate the lease extension process 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. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.

Can you provide any top tips for leasehold conveyancing in Frant with the purpose of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Frant can be bypassed where you get in touch lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the purchasers’ solicitors.
  • The majority landlords or managing agents in Frant charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Frant.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are settled before the property is marketed. 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 the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars 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 freehold, you should make sure that you hold the original share certificate. Obtaining a new share certificate is often a lengthy formality and slows down many a Frant home move. If a duplicate share certificate is needed, do contact the company officers or managing agents (if applicable) for this as soon as possible.
  • You believe that you know the number of years left on your lease but it would be wise to double-check by asking your solicitors. A purchaser's lawyer will not be happy to advise their client to where the remaining number of years is below 80 years. In the circumstances it is 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 premises on the market for sale.

  • When it comes to leasehold conveyancing in Frant what are the most common lease defects?

    There is nothing unique about leasehold conveyancing in Frant. All 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:

    • Repairing obligations to or maintain parts 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. Birmingham Midshires, The Royal Bank of Scotland, and Britannia all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.

    Leasehold Conveyancing in Frant - Sample of Queries Prior to buying

      If a Frant lease has no more than eighty years it will have adverse implications on the salability of the apartment. Check with your lender that they are content with the length of the lease. Leases with fewer than 80 years remaining means that you will probably have to extend the lease at some point and it is worth finding out how much this will be. For most Frantlease extensions you would be required to have owned the premises for a couple of years in order to be eligible to exercise a lease extension. Who manages the block? Its a good idea to discover as much as you can concerning the company managing the block as they will either make your living at the property much easier or problematic. As the proprietor of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to daily matters like the upkeep of the common parts. Enquire of prospective neighbours if they are happy with their service. Finally, investigate as to the dates that you are obliged pay the service charge to the managing agents and precisely how they are spending that money.

    Other Topics

    Lease Extensions in Frant