Guaranteed fixed fees for Leasehold Conveyancing in Leiston

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

Sample questions relating to Leiston leasehold conveyancing

I've found a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have just been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Leiston. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?

The majority of houses in Leiston are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Leiston in which case you should be looking for a Leiston conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your lawyer will advise you fully on all the issues.

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

There is no doubt about it. A leasehold flat in Leiston is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. For most purchasers and banks, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Leiston conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I've recently bought a leasehold property in Leiston. Do I have any liability for service charges for periods before my ownership?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Do you have any advice for leasehold conveyancing in Leiston from the point of view of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Leiston can be avoided if you appoint lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information which will be required by the purchasers’ solicitors.
  • Many landlords or managing agents in Leiston charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Leiston.
  • If you have carried out any alterations to the property would they have required Landlord’s permission? In particular have you installed wooden flooring? Leiston leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. If you fail to have the paperwork to hand do not communicate with the landlord without contacting your conveyancer first.
  • If you have had conflict with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The buyers and their solicitors will be concerned about purchasing a property where a dispute is ongoing. You will have to accept that you will have to pay 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 purchasers, but it is better to present the dispute as over as opposed to unsettled.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check via your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is less than 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • In relation to leasehold conveyancing in Leiston what are the most common lease defects?

    There is nothing unique about leasehold conveyancing in Leiston. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the building
    • 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 could 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. Birmingham Midshires, Skipton Building Society, and Britannia 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, obliging the buyer to withdraw.

    I acquired a 2 bed flat in Leiston, conveyancing having been completed 9 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Leiston with a long lease are worth £179,000. The ground rent is £55 charged once a year. The lease comes to an end on 21st October 2101

    With 76 years unexpired we estimate the premium for your lease extension to be between £11,400 and £13,200 plus costs.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Leiston