Hampden Pk leasehold conveyancing Example Support Desk Enquiries
Having had my offer accepted I require leasehold conveyancing in Hampden Pk. Before I get started I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and 99.9% are in Hampden Pk - then the leasehold title will always include the short particulars 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.
Looking forward to complete next month on a leasehold property in Hampden Pk. Conveyancing lawyers have said that they are sending me a report tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Hampden Pk should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
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 more attractive. I have since been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Hampden Pk. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Hampden Pk ?
Most houses in Hampden Pk are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Hampden Pk in which case you should be shopping around for a Hampden Pk conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your conveyancer should advise you fully on all the issues.
I am attracted to a couple of maisonettes in Hampden Pk which have about forty five years unexpired on the lease term. Do I need to be concerned?
There are plenty of short leases in Hampden Pk. The lease is a right to use the property for a prescribed time frame. As a lease shortens the value of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this field
Can you offer any advice when it comes to appointing a Hampden Pk conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Hampden Pk conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Hampden Pk conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- How experienced is the firm with lease extension legislation?
I purchased a 2 bed flat in Hampden Pk, conveyancing formalities finalised in 1996. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Hampden Pk with over 90 years remaining are worth £269,000. The average or mid-range amount of ground rent is £60 yearly. The lease ceases on 21st October 2078
You have 57 years remaining on your lease we estimate the premium for your lease extension to range between £27,600 and £31,800 as well as costs.
The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.