Frequently asked questions relating to Nafferton leasehold conveyancing
I am attracted to a two flats in Nafferton both have about forty five years remaining on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Nafferton. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the marketability of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field
I am a negotiator for a long established estate agency in Nafferton where we have experienced a few flat sales derailed due to leases having less than 80 years remaining. I have been given conflicting advice from local Nafferton conveyancing solicitors. Can you shed some light as to whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Can you provide any top tips for leasehold conveyancing in Nafferton with the purpose of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Nafferton can be avoided if you instruct lawyers the minute your agents start marketing the property and ask them to collate the leasehold information needed by the buyers representatives.
- Many landlords or Management Companies in Nafferton charge for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Nafferton.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £450000 flat in Nafferton next week. The landlords agents has quoted £360 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Nafferton?
Nafferton conveyancing on leasehold apartments typically necessitates administration charges invoiced by freeholders :
- Addressing pre-exchange questions
- Where consent is required before sale in Nafferton
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
When it comes to leasehold conveyancing in Nafferton what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Nafferton. All leases are individual and legal mistakes in the legal wording can result in certain provisions are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the building
- A duty to insure the building
- 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 can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Skipton Building Society, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to withdraw.
Nafferton Leasehold Conveyancing - Examples of Questions you should consider before buying
Best to be warned whether changing the roof or some other major work is pending to be shared between the tenants and will materially impact the level of the maintenance fees or require a specific payment.
What prohibitions exist in the Nafferton Lease?
Is anyone aware of any major works in the near future that could add a premium to the maintenance fees?