Fixed-fee leasehold conveyancing in Rainhill:

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Questions and Answers: Rainhill leasehold conveyancing

I am on look out for some leasehold conveyancing in Rainhill. Before I get started I want to be sure as to the remaining lease term.

If the lease is registered - and almost all are in Rainhill - 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.

Back In 2009, I bought a leasehold flat in Rainhill. Conveyancing and Leeds Building Society mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing solicitor in Rainhill who previously acted has now retired.Do I pay?

First make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. You do not need to instruct a Rainhill conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a two maisonettes in Rainhill which have about 50 years left on the lease term. Will this present a problem?

A lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this area

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

If you are instructing a solicitor for lease extension works (regardless if they are a Rainhill conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Rainhill conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:

  • What volume of lease extensions has the firm carried out in Rainhill in the last twenty four months?
  • What are the legal fees for lease extension work?

    • Do you have any top tips for leasehold conveyancing in Rainhill from the perspective of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Rainhill can be bypassed if you get in touch lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation needed by the buyers conveyancers.
    • The majority landlords or managing agents in Rainhill levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Rainhill.
  • Some Rainhill leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying 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 buyers or their solicitors.
  • If there is a history of any disputes with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be concerned about purchasing a property where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to ongoing.
  • If you hold a share in a the Management Company, you should make sure that you hold the original share certificate. Obtaining a duplicate share certificate is often a time consuming process and delays many a Rainhill home move. If a reissued share is required, you should approach the company officers or managing agents (where relevant) for this sooner rather than later.

    • I inherited a basement flat in Rainhill, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Rainhill with an extended lease are worth £240,000. The ground rent is £65 per annum. The lease finishes on 21st October 2089

    With just 64 years remaining on your lease we estimate the premium for your lease extension to span between £20,900 and £24,200 as well as professional fees.

    The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously 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 Rainhill