Highcliffe leasehold conveyancing: Q and A’s
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Highcliffe. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Highcliffe ?
Most houses in Highcliffe are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Highcliffe so you should seriously consider looking for a Highcliffe conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your solicitor will appraise you on the various issues.
What are your top tips when it comes to finding a Highcliffe conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Highcliffe conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Highcliffe conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- If they are not ALEP accredited then why not?
Do you have any advice for leasehold conveyancing in Highcliffe with the intention of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Highcliffe can be bypassed where you instruct lawyers as soon as you market your property and ask them to collate the leasehold information needed by the buyers conveyancers.
- In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Highcliffe leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence from the Landlord acquiescing to such alterations. Where you fail to have the consents to hand you should not contact the landlord without checking with your conveyancer first.
If all goes to plan we aim to complete our sale of a £500000 garden flat in Highcliffe in six days. The freeholder has quoted £420 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Highcliffe?
For most leasehold sales in Highcliffe conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing pre-exchange questions
- Where consent is required before sale in Highcliffe
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
When it comes to leasehold conveyancing in Highcliffe what are the most common lease defects?
Leasehold conveyancing in Highcliffe is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the property
- Insurance obligations
- 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
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Barnsley Building Society, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.
I purchased a 2 bed flat in Highcliffe, conveyancing was carried out 7 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Highcliffe with over 90 years remaining are worth £229,000. The average or mid-range amount of ground rent is £50 levied per year. The lease ceases on 21st October 2081
With only 61 years unexpired we estimate the price of your lease extension to be between £22,800 and £26,400 as well as costs.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.