Fixed-fee leasehold conveyancing in Long Buckby:

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Examples of recent questions relating to leasehold conveyancing in Long Buckby

I am in need of some leasehold conveyancing in Long Buckby. Before diving in I require certainty as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and almost all are in Long Buckby - 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.

Planning to complete next month on a studio apartment in Long Buckby. Conveyancing solicitors have said that they report fully within the next couple of days. What should I be looking out for?

The report on title for your leasehold conveyancing in Long Buckby should include some of the following:

  • The unexpired lease term You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
  • Setting out your legal entitlements in relation to common areas in the block.By way of example, does the lease grant a right of way over an accessway or staircase?
  • Whether the lease restricts you from letting out the property, or working from home
  • Whether your lease has a provision for a sinking fund?
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat
  • Responsibility for repairing the window frames For details of the information to be contained in your report on your leasehold property in Long Buckby please ask your solicitor in ahead of your conveyancing in Long Buckby

    • I own a leasehold house in Long Buckby. Conveyancing and Birmingham Midshires mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Long Buckby who acted for me is not around.Do I pay?

    First contact the Land Registry to make sure that the individual claiming to own the freehold is indeed the new freeholder. It is not necessary to incur the fees of a Long Buckby conveyancing lawyer to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

    Do you have any top tips for leasehold conveyancing in Long Buckby with the aim of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Long Buckby can be reduced where you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ conveyancers.
    • Many freeholders or Management Companies in Long Buckby charge for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Long Buckby.
  • If you have carried out any alterations to the residence would they have required Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Long Buckby state that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord consenting to such works. Where you fail to have the approvals in place you should not communicate with the landlord without checking with your solicitor first.
  • A minority of Long Buckby leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet 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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If you are supposed to have a share in the freehold, you should ensure that you have the original share document. Obtaining a replacement share certificate is often a lengthy process and slows down many a Long Buckby home move. Where a reissued share is needed, you should approach the company director and secretary or managing agents (if applicable) for this sooner rather than later.

    • Are there frequently found problems that you come across in leases for Long Buckby properties?

    Leasehold conveyancing in Long Buckby is not unique. All leases is drafted differently and drafting errors can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the building
    • A duty to insure the building
    • 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 may 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. Santander, The Royal Bank of Scotland, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.

    I purchased a garden flat in Long Buckby, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Long Buckby with over 90 years remaining are worth £175,000. The ground rent is £55 invoiced annually. The lease comes to an end on 21st October 2092

    You have 67 years left to run we estimate the price of your lease extension to range between £14,300 and £16,400 as well as plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Long Buckby