Guaranteed fixed fees for Leasehold Conveyancing in Pyle

When it comes to leasehold conveyancing in Pyle, you will need to appoint a conveyancing practitioner with leasehold experience. Whether your mortgage company is to be Santander, RBS or NatWest be sure to choose a lawyer on their panel. Feel free to use our search tool

Pyle leasehold conveyancing: Q and A’s

I am in need of some leasehold conveyancing in Pyle. Before diving in I would like to find out the unexpired term of the lease.

If the lease is recorded at the land registry - and almost all are in Pyle - then the leasehold title will always include the basic details 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.

Estate agents have just been given the go-ahead to market my ground floor flat in Pyle.Conveyancing is yet to be initiated but I have just had a yearly maintenance charge demand – Do I pay up?

The sensible thing to do is clear the invoice 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 management companies 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. Having a clear account will assist your cause and will leave you no worse off financially.

I own a leasehold flat in Pyle. Conveyancing and Godiva Mortgages Ltd mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Pyle who previously acted has long since retired.What should I do?

The first thing you should do is make enquiries of HMLR to make sure that the individual purporting to own the freehold is indeed the new freeholder. It is not necessary to incur the fees of a Pyle conveyancing practitioner to do this as you can do this on the Land Registry website for £3. Rest assured 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 looking at a couple of maisonettes in Pyle which have in the region of 50 years left on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Pyle. The lease is a right to use the property for a period of time. As a lease shortens the saleability of the lease decreases and results in it becoming more costly to extend the lease. This is why it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena

What makes a Pyle lease problematic?

There is nothing unique about leasehold conveyancing in Pyle. Most leases is drafted differently and drafting errors can result in certain clauses are not included. The following missing provisions could result in a defective lease:

  • Repairing obligations to or maintain elements of the building
  • Insurance obligations
  • 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

You may have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Virgin Money, and Alliance & Leicester 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 provide security, obliging the buyer to pull out.

I acquired a garden flat in Pyle, conveyancing having been completed 1999. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Pyle with over 90 years remaining are worth £257,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease expires on 21st October 2097

With 75 years remaining on your lease the likely cost is going to be between £11,400 and £13,200 as well as legals.

The suggested premium range 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 detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.

Other Topics

Lease Extensions in Pyle