Leasehold Conveyancing in Hornsea - Get a Quote from the leasehold experts approved by your lender

While any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Hornsea, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Sample questions relating to Hornsea leasehold conveyancing

Expecting to exchange soon on a basement flat in Hornsea. Conveyancing lawyers have said that they report fully next week. What should I be looking out for?

The report on title for your leasehold conveyancing in Hornsea should include some of the following:

  • The physical extent of the property. This will be the flat itself but may incorporate a loft or basement if appropriate.
  • Setting out your legal entitlements in relation to the communal areas in the block.E.G., does the lease include a right of way over a path or hallways?
  • Whether your lease has a provision for a sinking fund?
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What options are open to you if a neighbour breach a clause of their lease? For a comprehensive list of information to be included in your report on your leasehold property in Hornsea please enquire of your solicitor in advance of your conveyancing in Hornsea

  • I am tempted by the attractive purchase price for a two flats in Hornsea both have approximately forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?

    There are plenty of short leases in Hornsea. The lease is a right to use the premises for a period of time. As the lease shortens the marketability of the lease reduces and results in it becoming more costly to extend the lease. For this reason it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this field

    Last month I purchased a leasehold property in Hornsea. Am I liable to pay service charges for periods before 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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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 Hornsea with the aim of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Hornsea can be bypassed if you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the buyers lawyers.
    • The majority freeholders or Management Companies in Hornsea levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Hornsea.
  • Some Hornsea leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If you have had conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be warry about purchasing a flat where a dispute is unsettled. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to reveal the dispute as historic rather than unsettled.
  • If you hold a share in a the freehold, you should make sure that you have the original share document. Organising a replacement share certificate is often a time consuming process and slows down many a Hornsea home move. Where a reissued share certificate is necessary, do contact the company officers or managing agents (if relevant) for this as soon as possible.

  • In relation to leasehold conveyancing in Hornsea what are the most common lease problems?

    There is nothing unique about leasehold conveyancing in Hornsea. Most leases are individual and legal mistakes in the legal wording can result in 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 premises
    • 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 issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Barnsley Building Society, and Clydesdale all have express 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 grant the mortgage, forcing the purchaser to pull out.

    I am the registered owner of a leasehold flat in Hornsea, conveyancing formalities finalised in 2000. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Hornsea with an extended lease are worth £255,000. The ground rent is £60 yearly. The lease comes to an end on 21st October 2073

    You have 52 years remaining on your lease we estimate the premium for your lease extension to range between £37,100 and £42,800 as well as professional fees.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Hornsea