Fixed-fee leasehold conveyancing in Grenoside:

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Questions and Answers: Grenoside leasehold conveyancing

I am in need of some leasehold conveyancing in Grenoside. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.

If the lease is registered - and most are in Grenoside - 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 attracted to a couple of apartments in Grenoside both have about fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Grenoside. The lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the marketability of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a protracted 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 finding a Grenoside conveyancing firm to deal with our lease extension?

When appointing a solicitor for your lease extension (regardless if they are a Grenoside conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Grenoside conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

  • How many lease extensions has the firm conducted in Grenoside in the last 12 months?
  • What are the charges for lease extension work?

    • Do you have any advice for leasehold conveyancing in Grenoside from the perspective of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Grenoside can be bypassed if you instruct lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ lawyers.
    • The majority freeholders or Management Companies in Grenoside levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Grenoside.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Grenoside state that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord acquiescing to such changes. Where you fail to have the approvals to hand do not communicate with the landlord without contacting your lawyer first.
  • A minority of Grenoside leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to 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 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you have had conflict with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. 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 purchasers, but it is clearly preferable to reveal the dispute as over rather than ongoing.

    • What are the common defects that you encounter in leases for Grenoside properties?

    Leasehold conveyancing in Grenoside is not unique. All leases are individual and drafting errors can result in certain sections are wrong. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the premises
    • 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

    You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Skipton Building Society, 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, obliging the purchaser to pull out.

    I acquired a 2 bed flat in Grenoside, conveyancing formalities finalised in 2011. How much will my lease extension cost? Comparable properties in Grenoside with over 90 years remaining are worth £213,000. The average or mid-range amount of ground rent is £55 per annum. The lease expires on 21st October 2080

    With 54 years left to run we estimate the price of your lease extension to be between £33,300 and £38,400 as well as professional fees.

    The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Grenoside