Fixed-fee leasehold conveyancing in Little Burstead:

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Any conveyancing solicitor can theoretically handle your leasehold conveyancing in Little Burstead, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Common questions relating to Little Burstead leasehold conveyancing

Expecting to sign contracts shortly on a leasehold property in Little Burstead. Conveyancing solicitors inform me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Little Burstead should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • The physical extent of the premises. This will be the apartment itself but could also include a roof space or cellar if applicable.
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • Are pets allowed in the flat?
  • Whether the lease restricts you from subletting the property, or working from home
  • 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
  • You should have a good understanding of the insurance provisions For details of the information to be included in your report on your leasehold property in Little Burstead please enquire of your conveyancer in ahead of your conveyancing in Little Burstead

    • I've found a house that appears to be perfect, at a great price which is making it all the more appealing. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Little Burstead. Conveyancing advisers have are soon to be appointed. Will they explain the issues?

    Most houses in Little Burstead are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Little Burstead so you should seriously consider shopping around for a Little Burstead conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your solicitor should report to you on the legal implications.

    I am looking at a couple of maisonettes in Little Burstead both have approximately forty five years left on the lease term. Will this present a problem?

    A lease is a right to use the property for a prescribed time frame. As the lease shortens the saleability of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area

    Do you have any top tips for leasehold conveyancing in Little Burstead from the point of view of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Little Burstead can be bypassed where you appoint lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the buyers conveyancers.
    • Many freeholders or managing agents in Little Burstead charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. 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 frequent reason for frustration in leasehold conveyancing in Little Burstead.
  • If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. You will have to accept that you will have to 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 are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to unsettled.
  • If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share certificate. Organising a duplicate share certificate is often a lengthy process and delays many a Little Burstead home move. If a reissued share is required, you should approach the company officers or managing agents (where relevant) for this at the earliest opportunity.
  • You believe that you know the number of years remaining on your lease but it would be advisable verify this by asking your lawyers. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is below 80 years. It is therefore important at an as soon as possible that you identify whether the lease 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 Little Burstead what are the most common lease problems?

    There is nothing unique about leasehold conveyancing in Little Burstead. All leases are individual and drafting errors can sometimes mean that certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts 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

    A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Bank of Scotland, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to pull out.

    I invested in buying a leasehold flat in Little Burstead, conveyancing having been completed in 2004. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Little Burstead with over 90 years remaining are worth £248,000. The average or mid-range amount of ground rent is £45 levied per year. The lease ceases on 21st October 2079

    With 53 years remaining on your lease we estimate the premium for your lease extension to span between £37,100 and £42,800 plus costs.

    The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to 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.

    Other Topics

    Lease Extensions in Little Burstead