Sample questions relating to Hanslope leasehold conveyancing
I am on look out for some leasehold conveyancing in Hanslope. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.
Assuming the lease is registered - and 99.9% 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.
Planning to sign contracts shortly on a leasehold property in Hanslope. Conveyancing solicitors assured me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Hanslope should include some of the following:
- You should receive a copy of the lease
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great figure which is making it all the more appealing. I have just discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Hanslope. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
Most houses in Hanslope are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Hanslope in which case you should be looking for a Hanslope conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer will advise you fully on all the issues.
I am a negotiator for a busy estate agent office in Hanslope where we have experienced a few leasehold sales jeopardised as a result of short leases. I have received conflicting advice from local Hanslope conveyancing firms. Could you shed some light as to whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as 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 can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible 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 purchaser.
Do you have any advice for leasehold conveyancing in Hanslope with the intention of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Hanslope can be reduced if you instruct lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the buyers conveyancers.
- If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Hanslope state that internal structural changes or laying down wooden flooring require a licence from the Landlord acquiescing to such works. Where you dont have the consents in place you should not contact the landlord without checking with your lawyer in the first instance.
I invested in buying a split level flat in Hanslope, conveyancing having been completed 2006. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Hanslope with over 90 years remaining are worth £167,000. The ground rent is £50 levied per year. The lease comes to an end on 21st October 2098
With 77 years left to run we estimate the price of your lease extension to range between £9,500 and £11,000 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.