Fixed-fee leasehold conveyancing in Martlesham Heath:

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Martlesham Heath leasehold conveyancing: Q and A’s

Looking forward to sign contracts shortly on a garden flat in Martlesham Heath. Conveyancing lawyers have said that they report fully next week. Are there areas in the report that I should be focusing on?

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

  • The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
  • Whether the lease restricts you from subletting the flat, or having a home office for business
  • You should be told what constitutes a Nuisance in the lease
  • Whether your lease has a provision for a sinking fund?
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • 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.
  • Responsibility for repairing the window frames For a comprehensive list of information to be included in your report on your leasehold property in Martlesham Heath please enquire of your solicitor in ahead of your conveyancing in Martlesham Heath

    • I've found a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have just found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Martlesham Heath. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Martlesham Heath ?

    Most houses in Martlesham Heath are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Martlesham Heath so you should seriously consider looking for a Martlesham Heath conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your lawyer will appraise you on the various issues.

    What are your top tips when it comes to appointing a Martlesham Heath conveyancing firm to deal with our lease extension?

    If you are instructing a conveyancer for your lease extension (regardless if they are a Martlesham Heath conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Martlesham Heath conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

    • If the firm is not ALEP accredited then why not?
  • What are the charges for lease extension work?

    • Can you provide any advice for leasehold conveyancing in Martlesham Heath from the perspective of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Martlesham Heath can be bypassed where you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the buyers representatives.
    • The majority landlords or Management Companies in Martlesham Heath levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Martlesham Heath.
  • Some Martlesham Heath leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If you have had conflict with your landlord or managing agents it is essential that these are resolved before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to ongoing.
  • If you have the benefit of shareholding in the freehold, you should ensure that you have the original share document. Arranging a duplicate share certificate is often a time consuming process and delays many a Martlesham Heath home move. Where a new share certificate is needed, do contact the company director and secretary or managing agents (if relevant) for this sooner rather than later.

    • Are there frequently found defects that you encounter in leases for Martlesham Heath properties?

    Leasehold conveyancing in Martlesham Heath is not unique. All leases is drafted differently and drafting errors can result in certain clauses are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the premises
    • Insurance obligations
    • 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

    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 Royal Bank of Scotland, and Platform Home Loans Ltd 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 is problematic they may refuse to provide security, forcing the purchaser to pull out.

    I acquired a basement flat in Martlesham Heath, 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 Martlesham Heath with an extended lease are worth £239,000. The ground rent is £50 yearly. The lease ceases on 21st October 2082

    You have 57 years left to run the likely cost is going to be between £25,700 and £29,600 as well as professional fees.

    The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Martlesham Heath