Top Five Questions relating to Knutsford leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Knutsford. Before diving in I want to be sure as to the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in Knutsford - 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.
Looking forward to exchange soon on a basement flat in Knutsford. Conveyancing lawyers inform me that they will have a report out to me within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Knutsford should include some of the following:
- You should be sent a copy of the lease
Back In 2002, I bought a leasehold house in Knutsford. Conveyancing and Alliance & Leicester mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Knutsford who acted for me is not around.Do I pay?
First make enquiries of the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Knutsford conveyancing firm to do this as it can be done on-line for £3. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a couple of apartments in Knutsford which have about fifty years unexpired on the lease term. should I be concerned?
A lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the marketability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. This is why it is often a good idea to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this area
What are the frequently found defects that you witness in leases for Knutsford properties?
There is nothing unique about leasehold conveyancing in Knutsford. All leases is drafted differently and drafting errors can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations 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.
- 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 primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Coventry 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 defective they may refuse to provide security, obliging the purchaser to pull out.
I purchased a leasehold flat in Knutsford, conveyancing was carried out 2007. How much will my lease extension cost? Comparable properties in Knutsford with a long lease are worth £253,000. The average or mid-range amount of ground rent is £45 levied per year. The lease expires on 21st October 2103
You have 80 years unexpired we estimate the price of your lease extension to be between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.