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

When it comes to leasehold conveyancing in Portslade, you will need to appoint a conveyancing solicitor with leasehold experience. Whether your mortgage company is to be Halifax, RBS or Bradford & Bingley be sure to choose a lawyer on their approved list. Find a Portslade conveyancing lawyer with our search tool

Portslade leasehold conveyancing: Q and A’s

Expecting to exchange soon on a garden flat in Portslade. Conveyancing lawyers have said that they report fully tomorrow. What should I be looking out for?

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

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • The physical extent of the premises. This will be the flat itself but might incorporate a roof space or basement if applicable.
  • Defining your legal entitlements in relation to the communal areas in the block.E.G., does the lease contain a right of way over a path or hallways?
  • 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?
  • You should have a good understanding of the insurance provisions
  • Responsibility for repairing the window frames For a comprehensive list of information to be contained in your report on your leasehold property in Portslade please ask your lawyer in ahead of your conveyancing in Portslade

  • I've found a house that seems to be perfect, at a great price which is making it more attractive. I have since been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Portslade. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Portslade ?

    Most houses in Portslade are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Portslade so you should seriously consider looking for a Portslade conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your solicitor should advise you fully on all the issues.

    Back In 2000, I bought a leasehold house in Portslade. Conveyancing and Skipton Building Society mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Portslade who previously acted has long since retired.What should I do?

    First contact HMLR to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Portslade conveyancing practitioner to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

    I am looking at a couple of apartments in Portslade both have in the region of fifty years unexpired on the leases. Do I need to be concerned?

    There are no two ways about it. A leasehold apartment in Portslade is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the property. The majority of purchasers and banks, leases with under eighty years become less and less marketable. 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 premises 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 Portslade conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.

    What makes a Portslade lease unmortgageable?

    There is nothing unique about leasehold conveyancing in Portslade. All leases are unique and drafting errors can result in certain sections are wrong. The following missing provisions could result in a defective lease:

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

    You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Virgin Money, and Britannia 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, obliging the purchaser to withdraw.

    I purchased a 2 bed flat in Portslade, conveyancing was carried out 1999. Can you work out an approximate cost of a lease extension? Similar properties in Portslade with an extended lease are worth £219,000. The ground rent is £65 invoiced every year. The lease finishes on 21st October 2081

    With 57 years unexpired the likely cost is going to range between £25,700 and £29,600 plus costs.

    The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Portslade