Fixed-fee leasehold conveyancing in Littleport:

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Littleport leasehold conveyancing Example Support Desk Enquiries

Having had my offer accepted I require leasehold conveyancing in Littleport. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and 99.9% are in Littleport - then the leasehold title will always include the basic details 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.

My wife and I may need to sub-let our Littleport basement flat temporarily due to taking a sabbatical. We used a Littleport conveyancing firm in 2004 but they have since shut and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?

Notwithstanding that your previous Littleport conveyancing solicitor is not around you can check your lease to check if it allows you to sublet the property. The rule is that if the deeds are silent, subletting is allowed. Quite often there is a prerequisite that you are obliged to obtain consent via your landlord or other appropriate person prior to subletting. This means you not allowed to sublet in the absence of first obtaining consent. The consent must not not be unreasonably withheld. If the lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.

I am tempted by the attractive purchase price for a two maisonettes in Littleport which have in the region of 50 years unexpired on the lease term. Do I need to be concerned?

A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease deteriorate and it becomes more costly to extend the lease. This is why it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this arena

Do you have any top tips for leasehold conveyancing in Littleport from the perspective of expediting the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Littleport can be reduced where you get in touch lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ conveyancers.
  • Many landlords or Management Companies in Littleport charge for supplying 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 as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Littleport.
  • Some Littleport leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be concerned about purchasing a flat where there is a current dispute. You may have to bite the bullet and discharge 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 ahead of 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 over as opposed to unsettled.
  • You believe that you know the number of years left on your lease but it would be advisable verify this by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to where the lease term is less than 75 years. It is therefore essential 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 home on the market for sale.

  • What makes a Littleport lease unmortgageable?

    Leasehold conveyancing in Littleport is not unique. All leases are unique and drafting errors can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the property
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Barnsley Building Society, and Alliance & Leicester all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.

    Leasehold Conveyancing in Littleport - Sample of Queries before buying

      Where a Littleport lease has no more than eighty years it will impact the salability of the flat. Check with your lender that they are content with the length of the lease. Leases with less than 80 years remaining means that you will almost definitely have to extend the lease at some point and you need to have some idea of how much this will be. For most Littleportlease extensions you would need to own the residence for 24 months before you are eligible to extend the lease. Who manages the building? It would be prudent to discover if there are any onerous restrictions in the lease. For example it is reasonably common in Littleport leases that pets are not permitted in in a block in Littleport. If you like the flatin Littleport yet your dog can’t live with you then you have a very difficult compromise.

    Other Topics

    Lease Extensions in Littleport