Recently asked questions relating to Knutsford leasehold conveyancing
I am in need of some leasehold conveyancing in Knutsford. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
If the lease is registered - 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 sign contracts shortly on a basement flat in Knutsford. Conveyancing lawyers inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Knutsford should include some of the following:
- You should receive a copy of the lease
I am looking at a couple of flats in Knutsford which have about 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
A lease is a right to use the property for a period of time. As the lease gets shorter the marketability of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area
Do you have any advice for leasehold conveyancing in Knutsford with the intention of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Knutsford can be bypassed if you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the purchasers’ lawyers.
- Many landlords or Management Companies in Knutsford levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Knutsford.
Are there frequently found problems that you encounter in leases for Knutsford properties?
There is nothing unique about leasehold conveyancing in Knutsford. Most leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You could encounter difficulties 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, The Mortgage Works, and TSB 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 buyer to pull out.
I purchased a basement flat in Knutsford, conveyancing was carried out 1999. Can you work out an approximate cost of a lease extension? Similar flats in Knutsford with over 90 years remaining are worth £245,000. The ground rent is £65 per annum. The lease expires on 21st October 2094
You have 72 years unexpired the likely cost is going to range between £14,300 and £16,400 as well as legals.
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 in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.