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Common questions relating to Great Dunmow leasehold conveyancing

I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable price which is making it more attractive. I have subsequently discovered that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Great Dunmow. Conveyancing advisers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Great Dunmow ?

The majority of houses in Great Dunmow are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Great Dunmow so you should seriously consider looking for a Great Dunmow conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your lawyer will report to you on the legal implications.

I am tempted by the attractive purchase price for a couple of flats in Great Dunmow both have in the region of 50 years remaining on the leases. should I be concerned?

There are plenty of short leases in Great Dunmow. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the marketability of the lease deteriorate and it becomes more costly to extend the lease. This is why it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this arena

What advice can you give us when it comes to choosing a Great Dunmow conveyancing firm to deal with our lease extension?

If you are instructing a property lawyer for lease extension works (regardless if they are a Great Dunmow conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Great Dunmow conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:

  • How experienced is the practice with lease extension legislation?
  • What are the legal fees for lease extension conveyancing?

    • Do you have any advice for leasehold conveyancing in Great Dunmow from the point of view of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Great Dunmow can be reduced if you get in touch lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation needed by the purchasers’ conveyancers.
    • The majority landlords or managing agents in Great Dunmow charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Great Dunmow.
  • A minority of Great Dunmow leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly 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 purchasers or their solicitors.
  • If you hold a share in a the freehold, you should make sure that you have the original share document. Arranging a new share certificate is often a lengthy formality and frustrates many a Great Dunmow conveyancing deal. Where a reissued share is required, you should approach the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.
  • You believe that you know the number of years remaining on your lease but it would be wise to verify this via your lawyers. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the lease term is under 80 years. It is therefore essential at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • If all goes to plan we aim to complete our sale of a £175000 flat in Great Dunmow next Wednesday . The managing agents has quoted £312 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Great Dunmow?

    Great Dunmow conveyancing on leasehold flats often necessitates the buyer’s solicitor submitting enquiries for the landlord to answer. Although the landlord is not legally bound to address such questions most will be content to do so. They are at liberty levy a reasonable charge for answering questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The management information fee invoiced by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration fees, otherwise the invoice is technically not due. Reality however dictates that you have no choice but to pay whatever is demanded if you want to exchange contracts with the buyer.

    Great Dunmow Leasehold Conveyancing - Examples of Queries before buying

      What is the the remaining lease term? What restrictions are there in the Great Dunmow Lease? What is the name of the managing agents?

    Other Topics

    Lease Extensions in Great Dunmow