Top Five Questions relating to Handforth leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Handforth. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and almost all are in Handforth - 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.
Expecting to exchange soon on a studio apartment in Handforth. Conveyancing solicitors assured me that they are sending me a report within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Handforth should include some of the following:
- You need to be told what counts as a Nuisance in the lease
I am attracted to a couple of apartments in Handforth which have approximately forty five years remaining on the leases. Will this present a problem?
A lease is a right to use the premises for a period of time. As a lease shortens the value of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. For this reason it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this arena
I am a negotiator for a busy estate agent office in Handforth where we have witnessed a few flat sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Handforth conveyancing firms. Could you shed some light as to whether the seller of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence 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 sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as 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.
In relation to leasehold conveyancing in Handforth what are the most frequent lease problems?
Leasehold conveyancing in Handforth is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the premises
- Insurance obligations
- 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
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Chelsea Building Society, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to pull out.
Leasehold Conveyancing in Handforth - Sample of Queries Prior to Purchasing
You should be aware that where the lease has fewer than eighty years it will have adverse implications on the marketability of the flat. Check with your lender that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely need a lease extension at some point and it is worth discovering what this would cost. For most Handforthlease extensions you would be be obliged to have been the owner of the premises for a couple of years in order to be legally able to extend the lease.
Be sure to find out if there are any onerous restrictions in the lease. By way of example some leases prohibit pets being allowed in in a block in Handforth. If you like the flatin Handforth but your dog can’t move with you then you have a very difficult compromise.
It would be wise to discover as much as possible about the managing agents as they can either make your living at the property much simpler or uncomfortable. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to every day issues like the upkeep of the communal areas. Enquire of prospective neighbours whether they are happy with them. On a final note, be sure you understand the dates that the service fees are due to the managing agents and precisely what you get for your money.