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

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

Sample questions relating to Plympton leasehold conveyancing

Planning to complete next month on a basement flat in Plympton. Conveyancing solicitors have said that they report fully next week. What should I be looking out for?

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

  • The unexpired lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
  • 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?
  • Whether your lease has a provision for a sinking fund?
  • You should have a good understanding of the insurance provisions
  • Responsibility for repairing the window frames For a comprehensive list of information to be included in your report on your leasehold property in Plympton please ask your solicitor in ahead of your conveyancing in Plympton

    • I own a leasehold flat in Plympton. Conveyancing and Santander mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Plympton who previously acted has long since retired.Any advice?

    First contact HMLR to be sure that this person is in fact the new freeholder. It is not necessary to instruct a Plympton conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

    I am employed by a reputable estate agent office in Plympton where we have witnessed a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Plympton conveyancing solicitors. Could you confirm whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?

    Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.

    Alternatively, it may be possible 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.

    Can you provide any top tips for leasehold conveyancing in Plympton with the intention of speeding up the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Plympton can be bypassed where you appoint lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the buyers solicitors.
    • Many freeholders or managing agents in Plympton charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Plympton.
  • 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 Plympton state that internal structural changes or laying down wooden flooring require a licence from the Landlord approving such works. If you fail to have the consents in place do not communicate with the landlord without contacting your solicitor before hand.
  • If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved before the property is put on the market. The buyers and their solicitors will be nervous about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over rather than unresolved.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you have the original share document. Obtaining a re-issued share certificate is often a lengthy process and delays many a Plympton home move. If a new share certificate is required, do contact the company officers or managing agents (where relevant) for this sooner rather than later.

    • Are there frequently found defects that you encounter in leases for Plympton properties?

    There is nothing unique about leasehold conveyancing in Plympton. Most leases is drafted differently and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • 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.
    • Service charge per centages that don't add up correctly leaving a shortfall

    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. HSBC Bank, The Mortgage Works, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.

    I invested in buying a basement flat in Plympton, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Equivalent flats in Plympton with a long lease are worth £180,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease finishes on 21st October 2080

    With 56 years left to run the likely cost is going to be between £30,400 and £35,200 plus professional fees.

    The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Plympton