Experts for Leasehold Conveyancing in Lanchester

When it comes to leasehold conveyancing in Lanchester, you will need to appoint a conveyancing practitioner with leasehold experience. Whether your lender is to be Clydesdale , RBS or NatWest make sure you choose a lawyer on their panel. Feel free to use our search tool

Recently asked questions relating to Lanchester leasehold conveyancing

Due to sign contracts shortly on a studio apartment in Lanchester. Conveyancing solicitors assured me that they are sending me a report next week. What should I be looking out for?

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

  • The total extent of the premises. This will be the property itself but might include a loft or basement if applicable.
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • Are you allowed to have a pet in the flat?
  • You should be told what counts as a Nuisance in the lease
  • You should have a good understanding of the insurance provisions
  • 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 premises and do you know what it means in practice? For a comprehensive list of information to be included in your report on your leasehold property in Lanchester please ask your lawyer in ahead of your conveyancing in Lanchester

  • I have just started marketing my 2 bed flat in Lanchester.Conveyancing lawyers have not yet been instructed but I have just had a yearly service charge invoice – Do I pay up?

    The sensible thing to do is 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 unless 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. This will smooth the conveyancing process.

    I am tempted by the attractive purchase price for a couple of maisonettes in Lanchester which have about forty five years left on the lease term. Will this present a problem?

    A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. For this reason it is advisable to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena

    Do you have any advice for leasehold conveyancing in Lanchester from the perspective of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Lanchester can be bypassed where you get in touch lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the purchasers’ conveyancers.
    • If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Lanchester state that internal structural changes or laying down wooden flooring calls for a licence from the Landlord approving such alterations. Where you fail to have the paperwork in place you should not communicate with the landlord without checking with your solicitor before hand.
  • Some Lanchester leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If you hold a share in a the Management Company, you should make sure that you are holding the original share certificate. Obtaining a re-issued share certificate can be a time consuming formality and slows down many a Lanchester conveyancing transaction. Where a new share is required, you should approach the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but it would be advisable double-check via your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 80 years. It is therefore essential at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

  • What are the frequently found defects that you encounter in leases for Lanchester properties?

    Leasehold conveyancing in Lanchester is not unique. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the premises
    • Insurance obligations
    • 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 may encounter 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. Lloyds TSB Bank, Leeds Building Society, and Nottingham Building Society 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 grant the mortgage, forcing the buyer to withdraw.

    I purchased a 2 bed flat in Lanchester, conveyancing formalities finalised in 2006. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Lanchester with over 90 years remaining are worth £220,000. The ground rent is £50 invoiced every year. The lease ceases on 21st October 2099

    With just 77 years remaining on your lease we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as professional fees.

    The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Lanchester