Examples of recent questions relating to leasehold conveyancing in Gloucester
Having had my offer accepted I require leasehold conveyancing in Gloucester. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Gloucester - 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 am attracted to a two flats in Gloucester which have approximately fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the property for a prescribed time frame. As the lease shortens the value of the lease reduces and results in it becoming more costly to acquire a lease extension. For this reason it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field
What are your top tips when it comes to finding a Gloucester conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Gloucester conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Gloucester conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:
- How experienced is the practice with lease extension legislation?
Can you provide any advice for leasehold conveyancing in Gloucester with the aim of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Gloucester can be bypassed if you appoint lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the purchasers’ solicitors.
- Many landlords or Management Companies in Gloucester levy fees 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 sought 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 usual reason for frustration in leasehold conveyancing in Gloucester.
What are the frequently found problems that you witness in leases for Gloucester properties?
There is nothing unique about leasehold conveyancing in Gloucester. Most leases are individual and drafting errors can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the premises
- A duty to insure the building
- 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
You may 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. Yorkshire Building Society, Coventry Building Society, and Aldermore all have very detailed 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 problematic they may refuse to grant the mortgage, obliging the purchaser to withdraw.
Leasehold Conveyancing in Gloucester - Examples of Questions you should ask before Purchasing
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Generally speaking the outlay for major works tend not to be incorporated into the service charges, although some managing agents in Gloucester obliged leaseholders to contribute towards a reserve fund and this is used to offset against larger works.
Does the lease contain onerous restrictions?
How long is the Lease?
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