Fixed-fee leasehold conveyancing in Burroughs, The:

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Frequently asked questions relating to Burroughs, The leasehold conveyancing

I am on look out for some leasehold conveyancing in Burroughs, The. Before I set the wheels in motion I want to be sure as to the remaining lease term.

If the lease is registered - and almost all are in Burroughs, The - 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 purchased a leasehold flat in Burroughs, The. Conveyancing and Santander mortgage organised. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Burroughs, The who previously acted has long since retired.What should I do?

First make enquiries of the Land Registry to be sure that this person is in fact the new freeholder. There is no need to incur the fees of a Burroughs, The conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a couple of maisonettes in Burroughs, The which have about fifty years unexpired on the leases. Will this present a problem?

A lease is a right to use the premises for a period of time. As a lease gets shorter the value of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this field

What are your top tips when it comes to choosing a Burroughs, The conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a property lawyer for your lease extension (regardless if they are a Burroughs, The conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Burroughs, The 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 of use:

  • If they are not ALEP accredited then why not?
  • Can they put you in touch with client in Burroughs, The who can give a testimonial?

  • I am the registered owner of a two-bedroom flat in Burroughs, The. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the amount due for a lease extension?

    if there is a missing freeholder or if 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 arrive at the premium.

    An example of a Freehold Enfranchisement decision for a Burroughs, The flat is 1 & 1A Sunningfields Crescent in September 2013. The Tribunals calculation of the amount to be paid into court in respect of the value of the freehold interest is £11,997 in respect of Flat 1 and £15,781 in respect of Flat 1A for a total of £27,778. This case was in relation to 2 flats. The unexpired term was 71.5 years.

    What makes a Burroughs, The lease unacceptable for security purposes?

    There is nothing unique about leasehold conveyancing in Burroughs, The. Most leases are unique and drafting errors can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain parts of the property
    • 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

    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. Nationwide Building Society, Bank of Scotland, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to withdraw.