Having had my offer accepted I require leasehold conveyancing in Raunds. Before diving in I want to be sure as to the remaining lease term.

Assuming the lease is registered - and most are in Raunds - 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 am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have subsequently discovered that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Raunds. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Raunds ?

The majority of houses in Raunds are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Raunds so you should seriously consider shopping around for a Raunds conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer will report to you on the legal implications.

I am attracted to a couple of flats in Raunds both have in the region of 50 years remaining on the leases. Will this present a problem?

A lease is a right to use the property for a period of time. As the lease shortens the value of the lease deteriorate and it becomes more costly to extend the lease. This is why it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this area

What advice can you give us when it comes to finding a Raunds conveyancing firm to deal with our lease extension?

If you are instructing a conveyancer for lease extension works (regardless if they are a Raunds conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Raunds conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

• Can they put you in touch with client in Raunds who can give a testimonial?

What are the common problems that you come across in leases for Raunds properties?

Leasehold conveyancing in Raunds is not unique. Most leases are individual and drafting errors can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:

• 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 have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Leeds Building Society, and Alliance & Leicester all have very detailed conveyancing instructions 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, obliging the purchaser to pull out.

I own a ground floor flat in Raunds, conveyancing formalities finalised 2007. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Raunds with an extended lease are worth £220,000. The ground rent is £45 per annum. The lease expires on 21st October 2086

You have 60 years remaining on your lease we estimate the price of your lease extension to span between £25,700 and £29,600 plus legals.

The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.

Other Topics

Lease Extensions in Raunds