Recently asked questions relating to Great Linford leasehold conveyancing
I am on look out for some leasehold conveyancing in Great Linford. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and most 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.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have just found out that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Great Linford. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
The majority of houses in Great Linford are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Great Linford so you should seriously consider shopping around for a Great Linford conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your conveyancer will report to you on the legal implications.
I am tempted by the attractive purchase price for a couple of flats in Great Linford both have approximately forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Great Linford. The lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the marketability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. For this reason it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this area
If all goes to plan we aim to complete the disposal of our £275000 apartment in Great Linford in 5 days. The management company has quoted £324 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Great Linford?
Great Linford conveyancing on leasehold flats normally involves the purchaser’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to answer such questions the majority will be content to do so. They are at liberty charge a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The administration charge demanded by the landlord must be sent together with a summary of entitlements and obligations in respect of administration charges, without which the invoice is technically not due. In reality you have no option but to pay whatever is demanded if you want to complete the sale of your home.
What makes a Great Linford lease unmortgageable?
Leasehold conveyancing in Great Linford is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain sections are wrong. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the building
- Insurance obligations
- 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 can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Chelsea Building Society, and Platform Home Loans Ltd 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 provide security, forcing the purchaser to pull out.
I own a 2 bed flat in Great Linford, conveyancing having been completed 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Great Linford with an extended lease are worth £240,000. The ground rent is £65 invoiced annually. The lease ends on 21st October 2074
With just 53 years left to run we estimate the price of your lease extension to range between £29,500 and £34,000 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.