Common questions relating to Penrith leasehold conveyancing
I am on look out for some leasehold conveyancing in Penrith. Before diving in I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Penrith - then the leasehold title will always include the basic details 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.
I've found a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Penrith. Conveyancing solicitors have are about to be instructed. Will they explain the issues?
Most houses in Penrith are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Penrith so you should seriously consider looking for a Penrith conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’spermission to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your solicitor will advise you fully on all the issues.
What are your top tips when it comes to finding a Penrith conveyancing firm to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Penrith conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Penrith conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How many lease extensions have they completed in Penrith in the last twenty four months?
Can you provide any top tips for leasehold conveyancing in Penrith from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Penrith can be bypassed where you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the buyers conveyancers.
- In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Penrith leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord acquiescing to such alterations. Should you fail to have the consents to hand you should not communicate with the landlord without checking with your conveyancer in advance.
We expect to complete the disposal of our £125000 flat in Penrith in just under a week. The managing agents has quoted £336 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Penrith?
Penrith conveyancing on leasehold apartments normally involves fees being levied by managing agents :
- Completing pre-contract enquiries
- Where consent is required before sale in Penrith
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I bought a studio flat in Penrith, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Penrith with a long lease are worth £220,000. The average or mid-range amount of ground rent is £55 levied per year. The lease ceases on 21st October 2096
With 75 years unexpired we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.