Portslade leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Portslade. Before diving in I would like to find out the remaining lease term.
If the lease is registered - and 99.9% are in Portslade - 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.
Due to sign contracts shortly on a garden flat in Portslade. Conveyancing solicitors have said that they will have a report out to me within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Portslade should include some of the following:
- You should be sent a copy of the lease
I am employed by a busy estate agency in Portslade where we see a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Portslade conveyancing solicitors. Please can you clarify whether the owner of a flat can commence the lease extension process 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
What advice can you give us when it comes to choosing a Portslade conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Portslade conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Portslade conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- How familiar is the practice with lease extension legislation?
When it comes to leasehold conveyancing in Portslade what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Portslade. All leases is drafted differently and legal mistakes in the legal wording can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Chelsea Building Society, and Aldermore all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.
I own a basement flat in Portslade, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Portslade with a long lease are worth £190,000. The ground rent is £60 levied per year. The lease ceases on 21st October 2099
With just 75 years unexpired the likely cost is going to be between £11,400 and £13,200 plus legals.
The figure 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 detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.