Examples of recent questions relating to leasehold conveyancing in Little Burstead
Planning to sign contracts shortly on a basement flat in Little Burstead. Conveyancing solicitors assured me that they report fully within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Little Burstead should include some of the following:
- Whether the lease restricts you from renting out the property, or working from home
I am tempted by the attractive purchase price for a couple of apartments in Little Burstead both have approximately forty five years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Little Burstead. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the value of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area
I am employed by a reputable estate agency in Little Burstead where we have experienced a number of flat sales jeopardised as a result of short leases. I have been given conflicting advice from local Little Burstead conveyancing firms. Please can you confirm whether the seller of a flat can initiate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
If all goes to plan we aim to complete the disposal of our £200000 garden flat in Little Burstead in just under a week. The managing agents has quoted £372 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Little Burstead?
Little Burstead conveyancing on leasehold maisonettes usually involves the buyer’s lawyer submitting questions for the landlord to address. Although the landlord is under no legal obligation to respond to these enquiries the majority will be content to do so. They are entitled levy a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some transactions it is in excess of £800. The administration charge levied by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, without which the invoice is not strictly payable. In reality you have little option but to pay whatever is requested of you if you want to sell the property.
What makes a Little Burstead lease unmortgageable?
There is nothing unique about leasehold conveyancing in Little Burstead. All leases are unique and drafting errors can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the property
- 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
You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Bank of Scotland, and Godiva Mortgages Ltd 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 problematic they may refuse to provide security, forcing the purchaser to pull out.
I am the registered owner of a ground floor flat in Little Burstead, conveyancing formalities finalised in 2006. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Little Burstead with an extended lease are worth £252,000. The ground rent is £45 invoiced annually. The lease runs out on 21st October 2071
With just 50 years unexpired we estimate the premium for your lease extension to span between £35,200 and £40,600 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.