Recently asked questions relating to Frenchay leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Frenchay. Before I get started I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and most are in Frenchay - then the leasehold title will always include the basic details 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 own a leasehold flat in Frenchay. Conveyancing and Nottingham Building Society mortgage organised. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Frenchay who acted for me is not around.Do I pay?
First make enquiries of the Land Registry to make sure that this person is indeed the new freeholder. You do not need to instruct a Frenchay conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
What are your top tips when it comes to appointing a Frenchay conveyancing firm to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Frenchay conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Frenchay conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- Can they put you in touch with client in Frenchay who can give a testimonial?
Can you provide any top tips for leasehold conveyancing in Frenchay from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Frenchay can be bypassed where you get in touch lawyers as soon as you market your property and ask them to put together the leasehold information needed by the buyers lawyers.
- If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example installed wooden flooring? Frenchay leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord approving such works. Where you dont have the consents to hand you should not contact the landlord without checking with your conveyancer before hand.
When it comes to leasehold conveyancing in Frenchay what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Frenchay. Most leases are unique and legal mistakes in the legal wording can result in certain provisions are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Skipton Building Society, and TSB 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 is defective they may refuse to provide security, obliging the buyer to pull out.
I am the registered owner of a ground floor flat in Frenchay, conveyancing formalities finalised 4 years ago. How much will my lease extension cost? Comparable properties in Frenchay with over 90 years remaining are worth £240,000. The average or mid-range amount of ground rent is £50 levied per year. The lease terminates on 21st October 2081
With 60 years unexpired we estimate the premium for your lease extension to span between £21,900 and £25,200 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.