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

When it comes to leasehold conveyancing in Killamarsh, you will need to chose a conveyancing practitioner with leasehold experience. Whether your lender is to be Lloyds, RBS or Bradford & Bingley be sure to find a lawyer on their approved list. Find a Killamarsh conveyancing lawyer with our search tool

Common questions relating to Killamarsh leasehold conveyancing

I today plan to offer on a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have since been informed that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Killamarsh. Conveyancing solicitors have not yet been appointed. Will they explain the issues?

The majority of houses in Killamarsh are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Killamarsh so you should seriously consider shopping around for a Killamarsh conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your solicitor will appraise you on the various issues.

Back In 2008, I bought a leasehold house in Killamarsh. Conveyancing and Skipton Building Society mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Killamarsh who previously acted has now retired.Any advice?

First contact the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Killamarsh conveyancing firm to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a two apartments in Killamarsh both have about 50 years unexpired on the leases. Do I need to be concerned?

There are plenty of short leases in Killamarsh. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease reduces and results in it becoming more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area

I am a negotiator for a long established estate agency in Killamarsh where we have experienced a number of leasehold sales put at risk due to short leases. I have received contradictory information from local Killamarsh conveyancing firms. Can you shed some light as to whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

When it comes to leasehold conveyancing in Killamarsh what are the most frequent lease problems?

There is nothing unique about leasehold conveyancing in Killamarsh. All leases is drafted differently and legal mistakes in the legal wording 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 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

You could 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. HSBC Bank, Leeds Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.

I own a basement flat in Killamarsh, conveyancing having been completed 5 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Killamarsh with over 90 years remaining are worth £230,000. The ground rent is £55 per annum. The lease ends on 21st October 2091

You have 67 years remaining on your lease we estimate the price of your lease extension to range between £14,300 and £16,400 plus plus your own and the landlord's "reasonable" professional fees.

The suggested premium range above a general guide to costs for renewing 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 are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.

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Lease Extensions in Killamarsh