Foots Cray leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Foots Cray. Before diving in I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and almost all are in Foots Cray - 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.
Expecting to exchange soon on a ground floor flat in Foots Cray. Conveyancing lawyers inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Foots Cray should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
I am attracted to a two apartments in Foots Cray which have in the region of 50 years remaining on the lease term. should I be concerned?
There are plenty of short leases in Foots Cray. The lease is a right to use the property for a prescribed time frame. As a lease shortens the marketability 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. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this area
Can you offer any advice when it comes to appointing a Foots Cray conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Foots Cray conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Foots Cray 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:
- What volume of lease extensions has the firm conducted in Foots Cray in the last year?
Can you provide any advice for leasehold conveyancing in Foots Cray with the aim of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Foots Cray can be avoided where you appoint lawyers the minute you market your property and request that they start to collate the leasehold information needed by the buyers conveyancers.
- The majority freeholders or managing agents in Foots Cray levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information sought 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 usual cause of delay in leasehold conveyancing in Foots Cray.
I am the registered owner of a first floor flat in Foots Cray. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?
Most certainly. We can put you in touch with a Foots Cray conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Foots Cray property is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case related to 1 flat.