Leasehold Conveyancing in Prestbury - 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 Prestbury, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Recently asked questions relating to Prestbury leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Prestbury. Before I set the wheels in motion I require certainty as to the remaining lease term.

Assuming the lease is registered - and most are in Prestbury - 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.

I have just appointed agents to market my 2 bed flat in Prestbury.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge demand – Do I pay up?

The sensible thing to do is clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

What are your top tips when it comes to finding a Prestbury conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a conveyancer for lease extension works (regardless if they are a Prestbury conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Prestbury conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:

  • Can they put you in touch with client in Prestbury who can give a testimonial?
  • What are the legal fees for lease extension conveyancing?

    • Do you have any advice for leasehold conveyancing in Prestbury with the purpose of speeding up the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Prestbury can be bypassed if you appoint lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information which will be required by the buyers representatives.
    • If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Prestbury state that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord approving such alterations. If you fail to have the consents in place do not communicate with the landlord without checking with your solicitor first.
  • A minority of Prestbury leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If you have the benefit of shareholding in the freehold, you should ensure that you have the original share certificate. Organising a duplicate share certificate can be a time consuming process and slows down many a Prestbury home move. If a reissued share certificate is required, do contact the company officers or managing agents (where applicable) for this as soon as possible.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable verify this via your lawyers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is less than 80 years. It is therefore important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • When it comes to leasehold conveyancing in Prestbury what are the most frequent lease defects?

    Leasehold conveyancing in Prestbury is not unique. All leases are individual and legal mistakes in the legal wording can result in certain sections are missing. 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
    • 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 could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Chelsea Building Society, and TSB all have very detailed requirements 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 provide security, forcing the buyer to withdraw.

    I inherited a 1 bedroom flat in Prestbury, conveyancing having been completed in 2003. Can you work out an approximate cost of a lease extension? Similar properties in Prestbury with over 90 years remaining are worth £240,000. The average or mid-range amount of ground rent is £50 yearly. The lease runs out on 21st October 2090

    With just 64 years remaining on your lease we estimate the premium for your lease extension to range between £20,900 and £24,200 plus costs.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Prestbury