Recently asked questions relating to Launceston leasehold conveyancing
I am on look out for some leasehold conveyancing in Launceston. Before diving in I would like to find out the number of years remaining on the lease.
If the lease is registered - and most are in Launceston - 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.
I want to rent out my leasehold apartment in Launceston. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Notwithstanding that your last Launceston conveyancing lawyer is no longer around you can review your lease to check if you are permitted to let out the apartment. The accepted inference is that if the lease is non-specific, subletting is permitted. Quite often there is a prerequisite that you must obtain consent via your landlord or other appropriate person prior to subletting. The net result is you not allowed to sublet without prior consent. The consent is not allowed to be unreasonably refused ore delayed. If the lease does not allow you to sublet you will need to ask your landlord for their consent.
I am looking at a couple of maisonettes in Launceston which have approximately 50 years left on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease deteriorate and it becomes more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area
Can you provide any top tips for leasehold conveyancing in Launceston with the aim of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Launceston can be avoided if you get in touch lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information which will be required by the buyers conveyancers.
- The majority landlords or managing agents in Launceston levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Launceston.
What are the common problems that you come across in leases for Launceston properties?
There is nothing unique about leasehold conveyancing in Launceston. Most leases is drafted differently and legal mistakes in the legal wording can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the property
- 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 as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Skipton Building Society, and Alliance & Leicester all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to pull out.
I purchased a 1 bedroom flat in Launceston, conveyancing formalities finalised 10 years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Launceston with an extended lease are worth £228,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease terminates on 21st October 2080
You have 58 years left to run we estimate the price of your lease extension to span between £23,800 and £27,400 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 without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.