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Frequently asked questions relating to Newent leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Newent. Before I get started I want to be sure as to the remaining lease term.

Assuming the lease is recorded at the land registry - and almost all are in Newent - then the leasehold title will always include the short particulars 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 exchange soon on a basement flat in Newent. Conveyancing lawyers assured me that they report fully on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Newent should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Will you be prohibited or prevented from having pets in the property?
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • 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
  • Responsibility for repairing the window frames
  • What options are open to you if a neighbour is in violation of a provision in their lease? For a comprehensive list of information to be included in your report on your leasehold property in Newent please ask your solicitor in advance of your conveyancing in Newent

    • I have just started marketing my garden apartment in Newent.Conveyancing has not commenced but I have just received a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?

    Your conveyancing lawyer is likely to suggest that you should pay 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 until 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. Having a clear account will assist your cause and will leave you no worse off financially.

    I am tempted by the attractive purchase price for a two maisonettes in Newent which have in the region of fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?

    There are plenty of short leases in Newent. The lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the saleability of the lease decreases and it becomes more expensive to acquire a lease extension. For this reason it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena

    Can you offer any advice when it comes to appointing a Newent conveyancing firm to deal with our lease extension?

    If you are instructing a conveyancer for your lease extension (regardless if they are a Newent conveyancing practice) it is imperative 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 Newent conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

    • Can they put you in touch with client in Newent who can give a testimonial?
  • What are the legal fees for lease extension conveyancing?

    • Newent Leasehold Conveyancing - Sample of Queries before Purchasing

      If a Newent lease has less than eighty years it will have adverse implications on the value of the apartment. Check with your bank that they are content with residual term of the lease. Leases with less than 80 years remaining means that you will almost definitely require a lease extension at some point and it is worth discovering what this will be. Remember, in most cases you will be required to have been the owner of the residence for two years in order to be eligible to extend the lease. How is the lease structured? What is the yearly maintenance fee and ground rent?

    Other Topics

    Lease Extensions in Newent