Frequently asked questions relating to Frenchay leasehold conveyancing
I am on look out for some leasehold conveyancing in Frenchay. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and most are in Frenchay - 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 am attracted to a two apartments in Frenchay both have about forty five years left on the leases. Will this present a problem?
There are plenty of short leases in Frenchay. The lease is a right to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease decreases and it becomes more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field
What advice can you give us when it comes to choosing a Frenchay conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Frenchay conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Frenchay conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- If they are not ALEP accredited then why not?
Do you have any advice for leasehold conveyancing in Frenchay with the purpose of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Frenchay can be avoided where you get in touch lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information needed by the buyers representatives.
- If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Frenchay leases often stipulate that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord approving such works. Should you dont have the paperwork in place you should not contact the landlord without checking with your conveyancer first.
In relation to leasehold conveyancing in Frenchay what are the most common lease problems?
Leasehold conveyancing in Frenchay is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the building
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, The Royal Bank of Scotland, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.
I purchased a studio flat in Frenchay, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Frenchay with over 90 years remaining are worth £180,000. The ground rent is £55 charged once a year. The lease comes to an end on 21st October 2087
With only 64 years unexpired the likely cost is going to range between £14,300 and £16,400 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.