Fixed-fee leasehold conveyancing in Peacehaven:

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While any conveyancing solicitor can theoretically handle your leasehold conveyancing in Peacehaven, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Common questions relating to Peacehaven leasehold conveyancing

Planning to exchange soon on a studio apartment in Peacehaven. Conveyancing lawyers inform me that they are sending me a report within the next couple of days. What should I be looking out for?

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

  • You should receive a copy of the lease
  • The physical extent of the premises. This will be the property itself but might incorporate a loft or basement if appropriate.
  • Are pets allowed in the flat?
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Responsibility for repairing the window frames
  • What the implications are if you breach a clause of your lease? For details of the information to be contained in your report on your leasehold property in Peacehaven please ask your conveyancer in ahead of your conveyancing in Peacehaven

    • I am attracted to a two maisonettes in Peacehaven which have approximately forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?

    There are no two ways about it. A leasehold flat in Peacehaven is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. For most buyers and lenders, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Peacehaven conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

    What are your top tips when it comes to finding a Peacehaven conveyancing firm to deal with our lease extension?

    When appointing a property lawyer for your lease extension (regardless if they are a Peacehaven conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Peacehaven conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:

    • How familiar is the practice with lease extension legislation?
  • What volume of lease extensions has the firm conducted in Peacehaven in the last year?

    • Do you have any top tips for leasehold conveyancing in Peacehaven with the purpose of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Peacehaven can be avoided if you appoint lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the buyers conveyancers.
    • The majority freeholders or Management Companies in Peacehaven levy fees for providing management packs for a leasehold homes. 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 reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Peacehaven.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Peacehaven state that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord approving such alterations. If you dont have the paperwork to hand you should not communicate with the landlord without checking with your conveyancer in the first instance.
  • If you hold a share in a the freehold, you should ensure that you hold the original share certificate. Arranging a duplicate share certificate is often a lengthy process and frustrates many a Peacehaven home move. Where a reissued share is necessary, do contact the company officers or managing agents (if applicable) for this sooner rather than later.
  • You may think that you are aware of the number of years left on your lease but you should verify this by asking your conveyancers. A purchaser's conveyancer will not be happy to advise their client to where the lease term is below 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • Are there common defects that you encounter in leases for Peacehaven properties?

    There is nothing unique about leasehold conveyancing in Peacehaven. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements 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 issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Norwich and Peterborough Building Society, and TSB all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.

    Peacehaven Leasehold Conveyancing - A selection of Questions you should consider Prior to Purchasing

      Is there a share of the freehold? Who are the managing agents? How much is the maintenance charge and ground rent on the flat?

    Other Topics

    Lease Extensions in Peacehaven