Hyde Park leasehold conveyancing Example Support Desk Enquiries
Having had my offer accepted I require leasehold conveyancing in Hyde Park. Before I set the wheels in motion I require certainty as to the remaining lease term.
If the lease is registered - and almost all are in Hyde Park - 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 tempted by the attractive purchase price for a two apartments in Hyde Park which have about forty five years left on the leases. should I be concerned?
There are plenty of short leases in Hyde Park. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the value of the lease deteriorate and results in it becoming more expensive to extend the lease. For this reason it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this area
What advice can you give us when it comes to choosing a Hyde Park conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Hyde Park conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Hyde Park conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:
- How familiar is the firm with lease extension legislation?
Do you have any advice for leasehold conveyancing in Hyde Park with the purpose of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Hyde Park can be avoided if you appoint lawyers as soon as you market your property and ask them to collate the leasehold information needed by the buyers solicitors.
- The majority landlords or managing agents in Hyde Park charge for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Hyde Park.
In relation to leasehold conveyancing in Hyde Park what are the most frequent lease defects?
Leasehold conveyancing in Hyde Park is not unique. All leases is drafted differently and drafting errors can sometimes mean that 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 parts of the building
- 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 may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Virgin Money, and TSB all have express requirements 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.
Hyde Park Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to Purchasing
If a Hyde Park lease has fewer than 80 years it will affect the marketability of the property. Check with your mortgage company that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will probably have to extend the lease at some point and you need to have some idea of what this would cost. Remember, in most cases you will be be obliged to have been the owner of the premises for 24 months in order to be eligible to extend the lease.
For most Hyde Park leaseholds the cost for major works tend not to be wrapped into the service charges, albeit that there some managing agents in Hyde Park obliged leaseholders to pay into a sinking fund and this is used to offset against larger works.
Who takes responsibility for maintaining and repairing the block?