Common questions relating to Bulls Cross leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Bulls Cross. Before I set the wheels in motion I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and most are in Bulls Cross - 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 hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have just discovered that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Bulls Cross. Conveyancing advisers have not yet been instructed. Will they explain the issues?
The majority of houses in Bulls Cross are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Bulls Cross in which case you should be shopping around for a Bulls Cross conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your solicitor should report to you on the legal implications.
I am looking at a two flats in Bulls Cross both have about forty five years remaining 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 period of time. As a lease gets shorter the saleability of the lease reduces and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area
What advice can you give us when it comes to finding a Bulls Cross conveyancing practice to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Bulls Cross conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Bulls Cross conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- If they are not ALEP accredited then why not?
Do you have any advice for leasehold conveyancing in Bulls Cross from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Bulls Cross can be reduced where you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation needed by the purchasers’ representatives.
- The majority landlords or managing agents in Bulls Cross charge for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Bulls Cross.
I have given up seeking a lease extension in Bulls Cross. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a missing landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the price payable.
An example of a Lease Extension case for a Bulls Cross property is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case was in relation to 1 flat. The the unexpired term as at the valuation date was 81.79 years.