Guaranteed fixed fees for Leasehold Conveyancing in Ludlow

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Sample questions relating to Ludlow leasehold conveyancing

I own a leasehold house in Ludlow. Conveyancing and Birmingham Midshires mortgage organised. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Ludlow who acted for me is not around.What should I do?

The first thing you should do is make enquiries of the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Ludlow conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a couple of maisonettes in Ludlow both have about 50 years unexpired on the lease term. Do I need to be concerned?

There are plenty of short leases in Ludlow. The lease is a right to use the property for a prescribed time frame. As a lease shortens the saleability of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is often a good idea 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 protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this arena

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

If you are instructing a solicitor for your lease extension (regardless if they are a Ludlow conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Ludlow conveyancing practices before you 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?
  • What volume of lease extensions has the firm carried out in Ludlow in the last twenty four months?

    • Do you have any advice for leasehold conveyancing in Ludlow with the aim of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Ludlow can be avoided where you instruct lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the buyers conveyancers.
    • The majority landlords or Management Companies in Ludlow charge for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack 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 frequent reason for frustration in leasehold conveyancing in Ludlow.
  • If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Ludlow leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord acquiescing to such changes. Should you fail to have the paperwork in place you should not communicate with the landlord without contacting your solicitor before hand.
  • If you have had conflict with your freeholder or managing agents it is essential that these are resolved before the property is marketed. The buyers and their solicitors will be warry about purchasing a property where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to reveal the dispute as over rather than ongoing.
  • If you have the benefit of shareholding in the freehold, you should make sure that you are holding the original share document. Organising a duplicate share certificate can be a lengthy process and frustrates many a Ludlow conveyancing transaction. If a reissued share certificate is necessary, do contact the company director and secretary or managing agents (if relevant) for this sooner rather than later.

    • When it comes to leasehold conveyancing in Ludlow what are the most frequent lease problems?

    Leasehold conveyancing in Ludlow is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:

    • A provision to repair 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

    You will have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Skipton Building Society, and Barclays Direct all have express conveyancing instructions 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 grant the mortgage, obliging the buyer to withdraw.

    I purchased a 1st floor flat in Ludlow, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Ludlow with an extended lease are worth £190,000. The ground rent is £60 invoiced every year. The lease terminates on 21st October 2086

    You have 61 years unexpired the likely cost is going to span between £20,000 and £23,000 plus professional fees.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Ludlow