Experts for Leasehold Conveyancing in Leven

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Leven leasehold conveyancing: Q and A’s

I am in need of some leasehold conveyancing in Leven. Before diving in I want to be sure as to the number of years remaining on the lease.

If the lease is registered - and almost all are in Leven - 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.

Expecting to sign contracts shortly on a ground floor flat in Leven. Conveyancing lawyers assured me that they will have a report out to me tomorrow. What should I be looking out for?

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

  • You should be sent a copy of the lease
  • Whether the lease restricts you from renting out the property, or working from home
  • You need to be told what constitutes a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • 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
  • Whether your lease has a provision for a sinking fund?
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property 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 Leven please ask your solicitor in ahead of your conveyancing in Leven

    • My wife and I purchased a leasehold flat in Leven. Conveyancing and Accord Mortgages Ltd mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Leven who previously acted has now retired.Any advice?

    First contact HMLR to be sure that this person is indeed the new freeholder. You do not need to incur the fees of a Leven conveyancing firm to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

    I am attracted to a two maisonettes in Leven both have about 50 years left on the leases. Should I regard a short lease as a deal breaker?

    There are plenty of short leases in Leven. The lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the marketability of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this arena

    Do you have any advice for leasehold conveyancing in Leven with the aim of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Leven can be bypassed where you instruct lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ representatives.
    • The majority landlords or Management Companies in Leven charge for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Leven.
  • In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Leven state that internal structural changes or laying down wooden flooring require a licence issued by the Landlord acquiescing to such works. Where you dont have the approvals in place you should not communicate with the landlord without checking with your solicitor before hand.
  • If you have had conflict with your freeholder or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as over as opposed to unresolved.
  • You believe that you know the number of years remaining on your lease but it would be advisable verify this via your lawyers. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is less than 75 years. It is therefore essential at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • I inherited a leasehold flat in Leven, conveyancing formalities finalised 1995. 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? Corresponding flats in Leven with over 90 years remaining are worth £267,000. The average or mid-range amount of ground rent is £50 per annum. The lease expires on 21st October 2100

    With only 75 years left to run the likely cost is going 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 provide 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 may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Leven