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Questions and Answers: Great Linford leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Great Linford. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.

If the lease is recorded at the land registry - and 99.9% are in Great Linford - 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 sub-let our Great Linford ground floor flat temporarily due to taking a sabbatical. We instructed a Great Linford conveyancing practice in 2001 but they have since shut and we did not think at the time get any guidance as to whether the lease allows us to sublet. How do we find out?

A small minority of properties in Great Linford do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.

I own a leasehold flat in Great Linford. Conveyancing and Leeds Building Society mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Great Linford who previously acted has now retired.Do I pay?

First contact the Land Registry to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Great Linford conveyancing solicitor to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am employed by a long established estate agent office in Great Linford where we have experienced a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have received conflicting advice from local Great Linford conveyancing firms. Could you shed some light as to whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

When it comes to leasehold conveyancing in Great Linford what are the most common lease problems?

Leasehold conveyancing in Great Linford is not unique. Most leases is drafted differently and legal mistakes in the legal wording can result in certain sections are not included. The following missing provisions could result in a defective lease:

  • Repairing obligations to or maintain parts of the premises
  • 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

You may have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Skipton Building Society, and Alliance & Leicester 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 problematic they may refuse to provide security, obliging the purchaser to pull out.

I invested in buying a studio flat in Great Linford, conveyancing was carried out in 2009. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Great Linford with over 90 years remaining are worth £187,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ends on 21st October 2072

You have 50 years left to run we estimate the premium for your lease extension to range between £38,000 and £44,000 as well as costs.

The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.

Other Topics

Lease Extensions in Great Linford