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I am on look out for some leasehold conveyancing in Lechlade. Before diving in I want to be sure as to the remaining lease term.

Assuming the lease is registered - and almost all are in Lechlade - 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 have just started marketing my garden flat in Lechlade.Conveyancing is yet to be initiated but I have just received a half-yearly service charge invoice – Do I pay up?

It best that you pay the invoice 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 managing agents 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've found a house that appears to meet my requirements, at a great price which is making it all the more appealing. I have just been informed that the title is leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Lechlade. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Lechlade ?

Most houses in Lechlade are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Lechlade in which case you should be looking for a Lechlade conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your solicitor should report to you on the legal implications.

Can you provide any advice for leasehold conveyancing in Lechlade with the purpose of speeding up the sale process?

  • Much of the frustration in leasehold conveyancing in Lechlade can be reduced where you get in touch lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information needed by the buyers lawyers.
  • The majority freeholders or Management Companies in Lechlade levy fees for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Lechlade.
  • If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you installed wooden flooring? Most leases in Lechlade state that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord consenting to such changes. Should you fail to have the approvals in place you should not communicate with the landlord without checking with your solicitor in advance.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be warry about purchasing a property where a dispute is unsettled. 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 are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to present the dispute as historic rather than ongoing.
  • If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share document. Obtaining a duplicate share certificate can be a lengthy process and slows down many a Lechlade conveyancing transaction. Where a new share is needed, you should approach the company director and secretary or managing agents (if applicable) for this sooner rather than later.

    • What are the common defects that you see in leases for Lechlade properties?

    Leasehold conveyancing in Lechlade is not unique. Most leases are unique and drafting errors can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the premises
    • 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

    A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , The Royal Bank of Scotland, and Nottingham Building Society 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 provide security, forcing the buyer to pull out.

    I bought a studio flat in Lechlade, conveyancing was carried out in 1998. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Lechlade with an extended lease are worth £205,000. The ground rent is £50 levied per year. The lease finishes on 21st October 2088

    With only 63 years left to run we estimate the premium for your lease extension to range between £14,300 and £16,400 as well as professional fees.

    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 in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Lechlade