Sample questions relating to Lake District leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Lake District. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
If the lease is recorded at the land registry - and most are in Lake District - 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.
Estate agents have just been given the go-ahead to market my ground floor apartment in Lake District.Conveyancing is yet to be initiated but I have just received a half-yearly maintenance charge demand – what should I do?
It best that you clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
What are your top tips when it comes to appointing a Lake District conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Lake District conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Lake District conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- How familiar is the practice with lease extension legislation?
Can you provide any top tips for leasehold conveyancing in Lake District from the perspective of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Lake District can be bypassed where you instruct lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation needed by the buyers lawyers.
- The majority landlords or managing agents in Lake District charge for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Lake District.
What are the common deficiencies that you see in leases for Lake District properties?
There is nothing unique about leasehold conveyancing in Lake District. All leases are individual and legal mistakes in the legal wording can result in certain provisions are missing. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the premises
- A duty to insure the building
- 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
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Barnsley Building Society, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.
I bought a 2 bed flat in Lake District, conveyancing was carried out in 2007. Can you work out an approximate cost of a lease extension? Comparable properties in Lake District with a long lease are worth £189,000. The ground rent is £60 levied per year. The lease ceases on 21st October 2089
You have 68 years unexpired we estimate the premium for your lease extension to be between £13,300 and £15,400 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account 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.