Leasehold Conveyancing in Great Linford - Get a Quote from the leasehold experts approved by your lender

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Leasehold conveyancing in Great Linford is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Great Linford and next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Top Five Questions relating to Great Linford leasehold conveyancing

I have just appointed agents to market my basement apartment in Great Linford.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?

It best that you pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I am hoping to put an offer on a small detached house that appears 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 would have thought that there are particular concerns buying a house with a leasehold title in Great Linford. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Great Linford ?

The majority of houses in Great Linford are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Great Linford so you should seriously consider looking for a Great Linford conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your lawyer should report to you on the legal implications.

What advice can you give us when it comes to choosing a Great Linford conveyancing practice to carry out our lease extension conveyancing?

When appointing a property lawyer for your lease extension (regardless if they are a Great Linford conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Great Linford conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

  • How many lease extensions have they completed in Great Linford in the last year?
  • What are the costs for lease extension conveyancing?

    • Can you provide any advice for leasehold conveyancing in Great Linford from the perspective of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Great Linford can be reduced if you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information needed by the buyers representatives.
    • The majority freeholders or managing agents in Great Linford charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought 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 delay in leasehold conveyancing in Great Linford.
  • If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Great Linford state that internal structural changes or laying down wooden flooring require a licence issued by the Landlord acquiescing to such works. Where you fail to have the consents in place you should not communicate with the landlord without checking with your lawyer first.
  • A minority of Great Linford leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are able to meet 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
  • You believe that you know the number of years left on your lease but it would be advisable double-check by asking your solicitors. A buyer’s lawyer will not be happy to advise their client to where the lease term is under 80 years. It is therefore important at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • Are there frequently found deficiencies that you come across in leases for Great Linford properties?

    There is nothing unique about leasehold conveyancing in Great Linford. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the property
    • 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

    A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Leeds Building Society, and TSB all have express 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 defective they may refuse to grant the mortgage, forcing the buyer to pull out.

    I acquired a 2 bed flat in Great Linford, conveyancing formalities finalised 2003. Can you work out an approximate cost of a lease extension? Corresponding flats in Great Linford with a long lease are worth £196,000. The ground rent is £55 invoiced every year. The lease expires on 21st October 2101

    With 78 years remaining on your lease we estimate the price of your lease extension to span between £8,600 and £9,800 as well as costs.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Great Linford