Leasehold Conveyancing in Perry Barr - Get a Quote from the leasehold experts approved by your lender

Any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Perry Barr, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Perry Barr leasehold conveyancing: Q and A’s

I am in need of some leasehold conveyancing in Perry Barr. Before diving in I require certainty as to the unexpired term of the lease.

If the lease is registered - and 99.9% are in Perry Barr - 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.

Looking forward to complete next month on a ground floor flat in Perry Barr. Conveyancing lawyers assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?

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

  • You should be sent a copy of the lease
  • How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
  • Setting out your legal entitlements in respect of the communal areas in the block.For example, does the lease permit a right of way over an accessway or hallways?
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Whether the lease restricts you from subletting the flat, or working from home
  • Repair and maintenance of the flat
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? For a comprehensive list of information to be contained in your report on your leasehold property in Perry Barr please ask your lawyer in ahead of your conveyancing in Perry Barr

  • I am employed by a reputable estate agent office in Perry Barr where we have experienced a few leasehold sales put at risk due to short leases. I have received contradictory information from local Perry Barr conveyancing solicitors. Please can you clarify whether the seller of a flat can instigate the lease extension formalities for the buyer?

    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 wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.

    An alternative approach is to agree the lease extension with the freeholder 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.

    All being well we will complete the sale of our £275000 apartment in Perry Barr next week. The managing agents has quoted £348 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Perry Barr?

    Perry Barr conveyancing on leasehold flats usually necessitates fees being invoiced by management companies :

    • Completing pre-contract questions
    • Where consent is required before sale in Perry Barr
    • Copies of the building insurance and schedule
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Perry Barr leasehold premises is £350. For Perry Barr conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to supply answers.

    In relation to leasehold conveyancing in Perry Barr what are the most frequent lease defects?

    Leasehold conveyancing in Perry Barr is not unique. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the building
    • Insurance obligations
    • 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 can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Skipton Building Society, and Barclays Direct all have express 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 defective they may refuse to grant the mortgage, forcing the buyer to withdraw.

    I inherited a ground floor flat in Perry Barr, conveyancing having been completed in 2000. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Perry Barr with a long lease are worth £239,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease ceases on 21st October 2096

    With only 72 years remaining on your lease we estimate the price of your lease extension to span between £12,400 and £14,200 plus legals.

    The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Perry Barr