Experts for Leasehold Conveyancing in Greasby

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When it comes to leasehold conveyancing in Greasby, you will need to appoint a conveyancing solicitor with leasehold experience. Whether your lender is to be Clydesdale , Birmingham Midshires or Bradford & Bingley be sure to find a lawyer on their approved list. Feel free to use our search tool

Top Five Questions relating to Greasby leasehold conveyancing

I am on look out for some leasehold conveyancing in Greasby. Before I get started I would like to find out the unexpired term of the lease.

If the lease is recorded at the land registry - and most are in Greasby - 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.

Frank (my husband) and I may need to rent out our Greasby garden flat for a while due to a new job. We used a Greasby conveyancing firm in 2003 but they have since shut and we did not think at the time seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?

A lease governs the relationship between the landlord and you the flat owner; specifically, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Greasby do not contain an absolute prevention of subletting – such a clause would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.

I am tempted by the attractive purchase price for a two flats in Greasby both have about fifty years remaining on the lease term. should I be concerned?

A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area

Do you have any advice for leasehold conveyancing in Greasby with the purpose of saving time on the sale process?

  • Much of the frustration in leasehold conveyancing in Greasby can be avoided if you instruct lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the purchasers’ conveyancers.
  • Many landlords or Management Companies in Greasby charge for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Greasby.
  • A minority of Greasby leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where a dispute is ongoing. You will have to accept that you will have to discharge any arrears of service charge or settle 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 buyers, but it is better to reveal the dispute as over rather than ongoing.
  • If you hold a share in a the freehold, you should make sure that you hold the original share document. Organising a replacement share certificate is often a lengthy formality and delays many a Greasby home move. Where a reissued share certificate is necessary, you should approach the company officers or managing agents (where relevant) for this as soon as possible.

    • Are there frequently found defects that you encounter in leases for Greasby properties?

    Leasehold conveyancing in Greasby is not unique. Most leases are individual and drafting errors can sometimes mean that certain clauses are wrong. 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 property
    • A duty to insure the building
    • 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

    A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Bank of Scotland, 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 does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.

    Greasby Conveyancing for Leasehold Flats - A selection of Questions you should consider before Purchasing

      Please note if it is no more than eighty years it will affect the marketability of the apartment. Check with your mortgage company that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely require a lease extension at some point and you need to have some idea of how much this would cost. For most Greasbylease extensions you would be be obliged to have been the owner of the residence for a couple of years before you are legally able to extend the lease. It is important to be aware whether redecorating or some other significant cost is anticipated that will be shared amongst the leaseholders and will materially increase the the service charges or result in a specific payment. How much is the ground rent and service charge?

    Other Topics

    Lease Extensions in Greasby