Common questions relating to Hanslope leasehold conveyancing
I am in need of some leasehold conveyancing in Hanslope. Before I get started I want to be sure as to the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Hanslope - 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.
I want to sublet my leasehold apartment in Hanslope. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
A lease governs relations between the freeholder and you the leaseholder; in particular, it will indicate if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Hanslope do not prevent an absolute prevention of subletting – such a clause would undoubtedly devalue the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
Expecting to sign contracts shortly on a basement flat in Hanslope. Conveyancing solicitors assured me that they are sending me a report tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Hanslope should include some of the following:
- Whether the lease restricts you from renting out the flat, or working from home
Back In 2001, I bought a leasehold house in Hanslope. Conveyancing and Alliance & Leicester mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Hanslope who acted for me is not around.What should I do?
The first thing you should do is make enquiries of HMLR to be sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a Hanslope conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
What makes a Hanslope lease unmortgageable?
Leasehold conveyancing in Hanslope is not unique. All leases is drafted differently and drafting errors can result in certain sections are missing. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You will encounter a problem 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, Skipton Building Society, and Godiva Mortgages Ltd 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 own a ground floor flat in Hanslope, conveyancing formalities finalised in 2009. Can you work out an approximate cost of a lease extension? Similar flats in Hanslope with over 90 years remaining are worth £225,000. The ground rent is £60 invoiced every year. The lease finishes on 21st October 2085
With 64 years remaining on your lease the likely cost is going to span between £15,200 and £17,600 as well as plus your own and the landlord's "reasonable" professional fees.
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 this information in a Notice of Claim or as an informal offer. 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 getting professional advice.