Questions and Answers: Runcorn leasehold conveyancing
I am in need of some leasehold conveyancing in Runcorn. Before I get started I would like to find out the unexpired term of the lease.
If the lease is registered - and most are in Runcorn - 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 seems to be perfect, at a reasonable figure which is making it all the more appealing. I have just discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Runcorn. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Runcorn ?
The majority of houses in Runcorn are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Runcorn so you should seriously consider shopping around for a Runcorn conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’spermission to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your conveyancer should appraise you on the various issues.
Can you offer any advice when it comes to finding a Runcorn conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Runcorn conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Runcorn conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How familiar is the firm with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Runcorn with the intention of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Runcorn can be avoided where you get in touch lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ lawyers.
- In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Most leases in Runcorn state that internal structural alterations or addition of wooden flooring require a licence from the Landlord acquiescing to such changes. Should you fail to have the consents to hand you should not communicate with the landlord without contacting your lawyer before hand.
What makes a Runcorn lease defective?
Leasehold conveyancing in Runcorn is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the building
- A duty to insure the building
- 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 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, Norwich and Peterborough Building Society, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.
I purchased a studio flat in Runcorn, conveyancing formalities finalised 6 years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Runcorn with over 90 years remaining are worth £195,000. The average or mid-range amount of ground rent is £55 per annum. The lease comes to an end on 21st October 2076
With 56 years unexpired we estimate the premium for your lease extension to be between £27,600 and £31,800 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.