Fixed-fee leasehold conveyancing in Launceston:

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Any conveyancing practice can theoretically deal with your leasehold conveyancing in Launceston, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Top Five Questions relating to Launceston leasehold conveyancing

I am hoping to complete next month on a garden flat in Launceston. Conveyancing solicitors have said that they are sending me a report tomorrow. What should I be looking out for?

The report on title for your leasehold conveyancing in Launceston should include some of the following:

  • You should be sent a copy of the lease
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • What the implications are if you breach a clause of your lease? For details of the information to be included in your report on your leasehold property in Launceston please enquire of your lawyer in advance of your conveyancing in Launceston

    • Estate agents have just been given the go-ahead to market my ground floor apartment in Launceston.Conveyancing solicitors are to be appointed soon but I have just had a quarterly service charge demand – should I leave it to the buyer to sort out?

    It best that you discharge 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.

    What are your top tips when it comes to finding a Launceston conveyancing firm to deal with our lease extension?

    If you are instructing a conveyancer for your lease extension (regardless if they are a Launceston 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 Launceston conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

    • How many lease extensions have they completed in Launceston in the last year?
  • What are the legal fees for lease extension work?

    • Can you provide any advice for leasehold conveyancing in Launceston with the purpose of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Launceston can be bypassed if you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation needed by the buyers solicitors.
    • Many landlords or managing agents in Launceston levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for 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 frequent reason for delay in leasehold conveyancing in Launceston.
  • 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 Launceston state that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord consenting to such changes. Should you dont have the approvals to hand you should not contact the landlord without contacting your conveyancer first.
  • A minority of Launceston leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual 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 lawyers.
  • If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be warry about purchasing a flat where a dispute is unresolved. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to reveal the dispute as historic rather than unsettled.

    • What makes a Launceston lease defective?

    Leasehold conveyancing in Launceston is not unique. All leases is drafted differently and drafting errors can result in certain provisions are wrong. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the building
    • 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 will have difficulties 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, Virgin Money, and Platform Home Loans Ltd all have very detailed conveyancing instructions 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 grant the mortgage, obliging the buyer to pull out.

    I bought a 1st floor flat in Launceston, conveyancing was carried out 2008. Can you work out an approximate cost of a lease extension? Equivalent flats in Launceston with a long lease are worth £249,000. The ground rent is £55 invoiced annually. The lease finishes on 21st October 2102

    With only 77 years left to run the likely cost is going to range between £11,400 and £13,200 as well as costs.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Launceston