Leasehold Conveyancing in Lightwater - Get a Quote from the leasehold experts approved by your lender

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Sample questions relating to Lightwater leasehold conveyancing

I would like to sublet my leasehold apartment in Lightwater. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?

A lease governs the relationship between the freeholder and you the flat owner; specifically, it will say if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Lightwater do not prevent strict prohibition on subletting – such a provision would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.

I am hoping to sign contracts shortly on a studio apartment in Lightwater. Conveyancing lawyers assured me that they are sending me a report next week. What should I be looking out for?

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

  • The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
  • The total extent of the demise. This will be the apartment itself but may include a loft or basement if appropriate.
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Does the lease prevent you from renting out the property, or working from home
  • You need to be told what counts as 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
  • 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 Lightwater please ask your lawyer in advance of your conveyancing in Lightwater

    • I am attracted to a two flats in Lightwater which have in the region of 50 years left on the lease term. Should I regard a short lease as a deal breaker?

    A lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease decreases and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this field

    Can you offer any advice when it comes to appointing a Lightwater conveyancing firm to deal with our lease extension?

    When appointing a solicitor for lease extension works (regardless if they are a Lightwater conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Lightwater conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

    • How experienced is the firm with lease extension legislation?
  • What are the legal fees for lease extension work?

    • Can you provide any advice for leasehold conveyancing in Lightwater from the perspective of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Lightwater can be reduced where you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation needed by the buyers representatives.
    • The majority freeholders or Management Companies in Lightwater levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Lightwater.
  • If there is a history of conflict with your freeholder 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 reluctant to purchase a property where a dispute is ongoing. You may need to swallow your pride and pay any arrears of service charge or resolve 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 will still have to reveal particulars of the dispute to the buyers, but it is better to reveal the dispute as historic as opposed to unsettled.
  • If you are supposed to have a share in the freehold, you should ensure that you have the original share document. Obtaining a new share certificate can be a lengthy process and slows down many a Lightwater conveyancing transaction. If a duplicate share certificate is necessary, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible.
  • You believe that you know the number of years remaining on your lease but it would be wise to double-check by asking your conveyancers. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is less than 75 years. In the circumstances it is essential at an early stage that you consider 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 basement flat in Lightwater, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Comparable flats in Lightwater with a long lease are worth £260,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease ends on 21st October 2080

    You have 55 years remaining on your lease we estimate the price of your lease extension to span between £32,300 and £37,400 plus legals.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Lightwater