Littleborough leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Littleborough. Before I get started I want to be sure as to the remaining lease term.
Assuming the lease is registered - and 99.9% are in Littleborough - 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.
I am looking at a couple of apartments in Littleborough both have about forty five years remaining on the leases. should I be concerned?
There are plenty of short leases in Littleborough. The lease is a right to use the premises for a prescribed time frame. As a lease shortens the value of the lease reduces and results in it becoming more costly to extend the lease. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena
What advice can you give us when it comes to choosing a Littleborough conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Littleborough conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Littleborough 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 useful:
- Can they put you in touch with client in Littleborough who can give a testimonial?
If all goes to plan we aim to complete our sale of a £325000 garden flat in Littleborough in 8 days. The managing agents has quoted £372 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Littleborough?
Littleborough conveyancing on leasehold apartments usually involves fees being levied by managing agents :
- Completing pre-contract questions
- Where consent is required before sale in Littleborough
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Are there common deficiencies that you witness in leases for Littleborough properties?
There is nothing unique about leasehold conveyancing in Littleborough. All leases are individual and legal mistakes in the legal wording can result in certain provisions are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- 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. Santander, Chelsea Building Society, and Aldermore all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to pull out.
I inherited a 1st floor flat in Littleborough, conveyancing having been completed 2010. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Littleborough with over 90 years remaining are worth £252,000. The ground rent is £45 levied per year. The lease comes to an end on 21st October 2076
With just 55 years left to run we estimate the premium for your lease extension to span between £33,300 and £38,400 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do 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. You should not take any other action based on this information before seeking the advice of a professional.