Recently asked questions relating to Lydney leasehold conveyancing
I am hoping to complete next month on a basement flat in Lydney. Conveyancing lawyers have said that they will have a report out to me next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Lydney should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have subsequently been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Lydney. Conveyancing advisers have not yet been instructed. Will they explain the issues?
The majority of houses in Lydney are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Lydney in which case you should be looking for a Lydney conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your solicitor should report to you on the legal implications.
I am attracted to a two maisonettes in Lydney both have about 50 years remaining on the lease term. Will this present a problem?
There are plenty of short leases in Lydney. The lease is a right to use the premises for a period of time. As the lease shortens the saleability of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena
What advice can you give us when it comes to choosing a Lydney conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Lydney conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Lydney 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 helpful:
- How familiar is the practice with lease extension legislation?
What makes a Lydney lease problematic?
Leasehold conveyancing in Lydney is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- 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. National Westminster Bank, Norwich and Peterborough Building Society, and Platform Home Loans Ltd 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 provide security, obliging the purchaser to pull out.
Lydney Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
What is the maintenance charge and ground rent on the flat?
It is important to be aware if redecorating or some other significant cost is due in the near future that will be shared amongst the leasehold owners and may well materially impact the level of the service charges or necessitate a one time invoice.
Does this lease have in excess of 90 years unexpired?