Fixed-fee leasehold conveyancing in Rye:

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Rye leasehold conveyancing Example Support Desk Enquiries

I am on look out for some leasehold conveyancing in Rye. Before I set the wheels in motion I want to be sure as to the remaining lease term.

Assuming the lease is recorded at the land registry - and 99.9% are in Rye - 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.

Looking forward to exchange soon on a studio apartment in Rye. Conveyancing solicitors inform me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Rye should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • The total extent of the premises. This will be the flat itself but may incorporate a roof space or basement if applicable.
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • Whether your lease has a provision for a reserve fund?
  • Changes to the flat (alterations and additions)
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Responsibility for repairing the window frames For details of the information to be included in your report on your leasehold property in Rye please enquire of your lawyer in advance of your conveyancing in Rye

    • I’m about to sell my basement flat in Rye.Conveyancing lawyers have not yet been instructed but I have just had a quarterly service charge invoice – what should I do?

    Your conveyancing lawyer is likely to suggest that you should pay the service charge 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 unless 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 am looking at a couple of apartments in Rye which have in the region of fifty years unexpired on the leases. Will this present a problem?

    A lease is a right to use the premises for a period of time. As a lease gets shorter the saleability of the lease reduces and it becomes more costly to extend the lease. For this reason it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area

    I work for a reputable estate agent office in Rye where we have witnessed a few flat sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Rye conveyancing firms. Could you confirm whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

    As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.

    Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

    Rye Conveyancing for Leasehold Flats - Sample of Queries before Purchasing

      Does the lease have onerous restrictions? This question is useful as a) areas may result in problems in the block as the communal areas may start to deteriorate if maintenance remain unpaid b) if the leaseholders have a dispute with the running of the building you will want to have complete disclosure Please note that where the lease has no more than eighty years it will impact the salability of the apartment. Check with your bank that they are happy with the length of the lease. Leases with less than 80 years remaining means that you will almost definitely have to extend the lease at some point and it is worth discovering what this would cost. For most Ryelease extensions you will be be obliged to have owned the premises for a couple of years in order to be eligible to extend the lease.

    Other Topics

    Lease Extensions in Rye