Examples of recent questions relating to leasehold conveyancing in Horfield
I am looking at a couple of flats in Horfield both have about forty five years remaining on the leases. should I be concerned?
A lease is a right to use the premises for a prescribed time frame. As the lease shortens the value of the lease deteriorate and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this area
Can you offer any advice when it comes to choosing a Horfield conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for your lease extension (regardless if they are a Horfield conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Horfield conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How experienced is the firm with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Horfield with the purpose of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Horfield can be reduced where you instruct lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information needed by the purchasers’ conveyancers.
- Many landlords or Management Companies in Horfield charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Horfield.
We expect to complete the disposal of our £275000 apartment in Horfield on Wednesday in a week. The managing agents has quoted £420 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Horfield?
Horfield conveyancing on leasehold apartments usually results in administration charges raised by freeholders :
- Completing conveyancing due diligence questions
- Where consent is required before sale in Horfield
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
In relation to leasehold conveyancing in Horfield what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Horfield. Most leases are individual and drafting errors can sometimes mean that certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , The Royal Bank of Scotland, and Britannia all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.
Horfield Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to Purchasing
What restrictions are there in the Horfield Lease?
Is anyone aware of any major works in the planning that will likely increase the service fees?
Is there a share of the freehold?