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Examples of recent questions relating to leasehold conveyancing in Frizington

I am in need of some leasehold conveyancing in Frizington. Before I get started I would like to find out the number of years remaining on the lease.

If the lease is registered - and most are in Frizington - 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.

Planning to sign contracts shortly on a leasehold property in Frizington. Conveyancing lawyers assured me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Frizington should include some of the following:

  • The unexpired lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
  • The physical extent of the property. This will be the apartment itself but could also include a roof space or cellar if applicable.
  • Does the lease prohibit wood flooring?
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • Responsibility for repairing the window frames
  • What options are open to you if a neighbour breach a clause of their lease?
  • What the implications are if you breach a clause of your lease? For details of the information to be contained in your report on your leasehold property in Frizington please enquire of your lawyer in advance of your conveyancing in Frizington

    • Back In 2006, I bought a leasehold house in Frizington. Conveyancing and Birmingham Midshires mortgage are in place. 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 1997. The conveyancing solicitor in Frizington who acted for me is not around.Do I pay?

    The first thing you should do is make enquiries of HMLR to make sure that the individual purporting to own the freehold is indeed the new freeholder. You do not need to incur the fees of a Frizington conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

    I am looking at a two maisonettes in Frizington which have in the region of 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?

    There is no doubt about it. A leasehold apartment in Frizington is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of purchasers and banks, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Frizington conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

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

    • A significant proportion of the frustration in leasehold conveyancing in Frizington can be reduced if you get in touch lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the buyers solicitors.
    • The majority freeholders or managing agents in Frizington levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Frizington.
  • In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Frizington state that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord consenting to such works. If you fail to have the paperwork in place do not contact the landlord without checking with your solicitor first.
  • If you are supposed to have a share in the Management Company, you should make sure that you hold the original share document. Obtaining a duplicate share certificate can be a lengthy process and delays many a Frizington conveyancing transaction. Where a new share certificate is needed, you should approach the company director and secretary or managing agents (if relevant) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but you should verify this via your solicitors. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • I acquired a garden flat in Frizington, conveyancing formalities finalised 8 years ago. How much will my lease extension cost? Similar flats in Frizington with an extended lease are worth £223,000. The average or mid-range amount of ground rent is £65 yearly. The lease comes to an end on 21st October 2078

    With 54 years unexpired the likely cost is going to be between £30,400 and £35,200 as well as costs.

    The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Frizington