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

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Questions and Answers: Kirkby Lonsdale leasehold conveyancing

I am on look out for some leasehold conveyancing in Kirkby Lonsdale. Before I get started I would like to find out the unexpired term of the lease.

If the lease is registered - and 99.9% are in Kirkby Lonsdale - then the leasehold title will always include the short particulars 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 hoping to complete next month on a leasehold property in Kirkby Lonsdale. Conveyancing solicitors assured me that they report fully on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Kirkby Lonsdale should include some of the following:

  • You should receive a copy of the lease
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • 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 you can do if a neighbour is in violation of a provision in their lease? For details of the information to be contained in your report on your leasehold property in Kirkby Lonsdale please enquire of your lawyer in advance of your conveyancing in Kirkby Lonsdale

    • I own a leasehold house in Kirkby Lonsdale. Conveyancing and Alliance & Leicester mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Kirkby Lonsdale who acted for me is not around.Any advice?

    First contact the Land Registry to be sure that this person is indeed the new freeholder. There is no need to incur the fees of a Kirkby Lonsdale conveyancing solicitor to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

    I am tempted by the attractive purchase price for a two maisonettes in Kirkby Lonsdale both have about fifty years left on the leases. Should I regard a short lease as a deal breaker?

    A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease decreases and it becomes more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field

    When it comes to leasehold conveyancing in Kirkby Lonsdale what are the most common lease defects?

    There is nothing unique about leasehold conveyancing in Kirkby Lonsdale. All leases are individual and drafting errors can result in certain provisions are wrong. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the property
    • 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 encounter 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. Halifax, Leeds Building Society, and Godiva Mortgages Ltd 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 is problematic they may refuse to provide security, forcing the purchaser to pull out.

    I purchased a basement flat in Kirkby Lonsdale, conveyancing having been completed in 2007. How much will my lease extension cost? Comparable properties in Kirkby Lonsdale with over 90 years remaining are worth £215,000. The ground rent is £65 invoiced every year. The lease expires on 21st October 2085

    With only 60 years unexpired we estimate the price of your lease extension to be between £20,000 and £23,000 plus legals.

    The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Kirkby Lonsdale