Recently asked questions relating to Repton leasehold conveyancing
Looking forward to exchange soon on a garden flat in Repton. Conveyancing solicitors assured me that they will have a report out to me within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Repton should include some of the following:
- Does the lease require carpeting throughout thus preventing wood flooring?
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Repton. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Repton ?
Most houses in Repton are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Repton so you should seriously consider looking for a Repton conveyancing practitioner and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’spermission to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer should appraise you on the various issues.
I am attracted to a couple of apartments in Repton both have in the region of forty five years left on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the saleability of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease extension can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area
Last month I purchased a leasehold house in Repton. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
What are the common problems that you encounter in leases for Repton properties?
Leasehold conveyancing in Repton is not unique. Most leases are individual and drafting errors can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the building
- Insurance obligations
- 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
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Leeds Building Society, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to pull out.
I acquired a 2 bed flat in Repton, conveyancing formalities finalised in 1997. 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 Repton with a long lease are worth £256,000. The ground rent is £45 per annum. The lease ceases on 21st October 2086
You have 61 years remaining on your lease the likely cost is going to be between £20,000 and £23,000 as well as costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.
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