Quality lawyers for Leasehold Conveyancing in Hanslope

Any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Hanslope, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Questions and Answers: Hanslope leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Hanslope. Before diving in I require certainty as to the unexpired term of the lease.

If the lease is registered - and 99.9% are in Hanslope - 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 exchange soon on a leasehold property in Hanslope. Conveyancing solicitors have said that they will have a report out to me tomorrow. What should I be looking out for?

The report on title for your leasehold conveyancing in Hanslope should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • Whether the lease restricts you from letting out the property, or having a home office for business
  • Whether your lease has a provision for a reserve fund?
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • Responsibility for repairing the window frames For details of the information to be included in your report on your leasehold property in Hanslope please ask your solicitor in ahead of your conveyancing in Hanslope

  • Last month I purchased a leasehold flat in Hanslope. Do I have any liability for service charges relating to a period prior to my ownership?

    Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

    If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

    Do you have any top tips for leasehold conveyancing in Hanslope from the perspective of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Hanslope can be avoided where you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information which will be required by the purchasers’ representatives.
    • The majority freeholders or Management Companies in Hanslope levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out 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 usual cause of delay in leasehold conveyancing in Hanslope.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Most leases in Hanslope state that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord consenting to such alterations. If you fail to have the consents to hand do not contact the landlord without contacting your solicitor in the first instance.
  • If you have had conflict with your landlord or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be nervous about purchasing a flat where a dispute is unsettled. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to completion of the sale. 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 details of the dispute to the purchasers, but it is clearly preferable to present the dispute as over rather than ongoing.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check by asking your solicitors. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is below 75 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 property on the market for sale.

  • Are there frequently found problems that you witness in leases for Hanslope properties?

    There is nothing unique about leasehold conveyancing in Hanslope. Most leases are individual and drafting errors can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements 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

    You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Chelsea Building Society, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.

    I purchased a 2 bed flat in Hanslope, conveyancing formalities finalised 1998. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Hanslope with over 90 years remaining are worth £235,000. The ground rent is £65 invoiced annually. The lease finishes on 21st October 2101

    With only 76 years remaining on your lease the likely cost is going to be between £11,400 and £13,200 as well as legals.

    The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Hanslope