Quality lawyers for Leasehold Conveyancing in Long Eaton

Leasehold conveyancing in Long Eaton is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Long Eaton and next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Common questions relating to Long Eaton leasehold conveyancing

Looking forward to complete next month on a leasehold property in Long Eaton. Conveyancing lawyers assured me that they are sending me a report tomorrow. What should I be looking out for?

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

  • The physical extent of the premises. This will be the property itself but may incorporate a loft or cellar if appropriate.
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • Are you allowed to have a pet in the flat?
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat For a comprehensive list of information to be included in your report on your leasehold property in Long Eaton please ask your conveyancer in ahead of your conveyancing in Long Eaton

  • I am tempted by the attractive purchase price for a two maisonettes in Long Eaton which have about 50 years left on the lease term. should I be concerned?

    There are no two ways about it. A leasehold flat in Long Eaton is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the value of the premises. For most buyers and mortgage companies, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Long Eaton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

    I've recently bought a leasehold property in Long Eaton. Do I have any liability for service charges relating to a period prior to completion of my purchase?

    Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

    If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

    Do you have any top tips for leasehold conveyancing in Long Eaton from the point of view of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Long Eaton can be bypassed if you get in touch lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ lawyers.
    • If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Long Eaton state that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord consenting to such works. Where you dont have the paperwork in place you should not contact the landlord without checking with your lawyer in the first instance.
  • Some Long Eaton 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 bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual 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 purchasers or their lawyers.
  • If you are supposed to have a share in the freehold, you should make sure that you have the original share certificate. Arranging a duplicate share certificate can be a lengthy process and frustrates many a Long Eaton home move. If a reissued share certificate is required, you should approach the company officers or managing agents (if relevant) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check via your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 80 years. It is therefore important at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

  • What are the frequently found problems that you see in leases for Long Eaton properties?

    Leasehold conveyancing in Long Eaton is not unique. Most leases are individual and drafting errors can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the property
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Bank of Scotland, and Barclays Direct 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 grant the mortgage, forcing the purchaser to withdraw.

    Leasehold Conveyancing in Long Eaton - A selection of Queries Prior to Purchasing

      Is the freehold owned jointly by the leaseholders? It is important to be aware if redecorating or some other significant cost is coming up to be shared between the leaseholders and will materially increase the the service costs or result in a specific invoice. If a Long Eaton lease has less than eighty years it will affect the salability of the flat. It is worth checking with your bank that they are happy with residual term of the lease. Leases with less than 80 years remaining means that you will most likely need a lease extension at some point and you need to have some idea of what this would cost. Remember, in most cases you would need to own the property for two years in order to be eligible to extend the lease.

    Other Topics

    Lease Extensions in Long Eaton