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
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.
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.
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