Polegate leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Polegate. Before diving in I would like to find out the number of years remaining on the lease.
Assuming the lease is registered - and almost all are in Polegate - 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 Polegate. Conveyancing lawyers have said that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Polegate should include some of the following:
- You should be sent a copy of the lease
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have just found out that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Polegate. Conveyancing advisers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Polegate ?
The majority of houses in Polegate are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Polegate in which case you should be shopping around for a Polegate conveyancing solicitor and check that they have experience in advising on 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 with the house. The lease comes with conditions such as requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer will report to you on the legal implications.
I am tempted by the attractive purchase price for a two flats in Polegate which have approximately 50 years unexpired on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Polegate is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most purchasers and lenders, leases with under eighty years become less and less attractive. On a more positive 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 a residence 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 Polegate 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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.
Can you provide any advice for leasehold conveyancing in Polegate with the purpose of expediting the sale process?
- Much of the delay in leasehold conveyancing in Polegate can be avoided if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ conveyancers.
- The majority freeholders or managing agents in Polegate levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Polegate.
I purchased a 2 bed flat in Polegate, conveyancing formalities finalised 2004. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Polegate with over 90 years remaining are worth £219,000. The ground rent is £65 per annum. The lease ends on 21st October 2072
With just 51 years left to run we estimate the price of your lease extension to range between £37,100 and £42,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.