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Questions and Answers: Loughborough leasehold conveyancing

I am in need of some leasehold conveyancing in Loughborough. Before diving in I would like to find out the remaining lease term.

If the lease is recorded at the land registry - and most are in Loughborough - 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.

Looking forward to complete next month on a ground floor flat in Loughborough. Conveyancing lawyers inform me that they will have a report out to me next week. What should I be looking out for?

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

  • Are you allowed to have a pet in the flat?
  • Whether the lease restricts you from letting out the property, or having a home office for business
  • Changes to the flat (alterations and additions)
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What options are open to you if a neighbour breach a clause of their lease? For a comprehensive list of information to be included in your report on your leasehold property in Loughborough please enquire of your conveyancer in ahead of your conveyancing in Loughborough

    • I have just appointed agents to market my garden apartment in Loughborough.Conveyancing solicitors are to be appointed soon but I have just had a quarterly maintenance charge invoice – Do I pay up?

    Your conveyancing lawyer is likely to suggest that you should discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

    I am tempted by the attractive purchase price for a two maisonettes in Loughborough both have approximately 50 years remaining on the leases. Should I regard a short lease as a deal breaker?

    There are plenty of short leases in Loughborough. The lease is a right to use the premises for a prescribed time frame. As the lease shortens the value of the lease decreases and it becomes more costly to extend the lease. This is why it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this arena

    In relation to leasehold conveyancing in Loughborough what are the most frequent lease problems?

    Leasehold conveyancing in Loughborough is not unique. All leases are unique and legal mistakes in the legal wording can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements of the building
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, The Mortgage Works, and Clydesdale 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 provide security, obliging the purchaser to pull out.

    Loughborough Conveyancing for Leasehold Flats - Examples of Questions you should ask before Purchasing

      What is the maintenance charge and ground rent on the flat? The best form of lease structure is a share of the freehold. In this situation the leaseholders have control and even though a managing agent is usually retained where it is larger than a house conversion, the managing agent acts for the leaseholders themselves. Its a good idea to find out as much as possible regarding the company managing the building as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you will be at the mercy of the managing agents from a financial perspective and when it comes to practical matters like the cleanliness of the communal areas. Don't be shy to ask other people what they think of their service. Finally, investigate as to the dates that the service fees are due to the appropriate party and specifically how they are spending that money.

    Other Topics

    Lease Extensions in Loughborough