Experts for Leasehold Conveyancing in Saffron Walden

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Any conveyancing practice can theoretically handle your leasehold conveyancing in Saffron Walden, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Common questions relating to Saffron Walden leasehold conveyancing

I have just appointed agents to market my ground floor apartment in Saffron Walden.Conveyancing is yet to be initiated but I have just received a quarterly service charge demand – what should I do?

Your conveyancing lawyer is likely to suggest that you should pay the invoice 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. This will smooth the conveyancing process.

I today plan to offer on a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Saffron Walden. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Saffron Walden ?

Most houses in Saffron Walden are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Saffron Walden in which case you should be shopping around for a Saffron Walden conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your conveyancer should appraise you on the various issues.

I am tempted by the attractive purchase price for a couple of apartments in Saffron Walden both have in the region of 50 years remaining on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Saffron Walden. The lease is a right to use the property for a prescribed time frame. As a lease gets shorter the value of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this field

Can you offer any advice when it comes to appointing a Saffron Walden conveyancing practice to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Saffron Walden conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Saffron Walden conveyancing practices before you 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 practice with lease extension legislation?
  • What volume of lease extensions has the firm carried out in Saffron Walden in the last twenty four months?

    • Can you provide any top tips for leasehold conveyancing in Saffron Walden from the point of view of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Saffron Walden can be reduced where you get in touch lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the purchasers’ representatives.
    • Many freeholders or managing agents in Saffron Walden charge for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Saffron Walden.
  • If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example installed wooden flooring? Saffron Walden leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence from the Landlord acquiescing to such changes. Where you fail to have the approvals to hand you should not contact the landlord without checking with your conveyancer in advance.
  • If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved before the property is marketed. The purchasers and their solicitors will be concerned about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic as opposed to unresolved.
  • You believe that you know the number of years remaining on your lease but it would be wise to double-check by asking your lawyers. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is under 80 years. It is therefore important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • I acquired a leasehold flat in Saffron Walden, conveyancing was carried out 7 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Saffron Walden with an extended lease are worth £178,000. The ground rent is £60 charged once a year. The lease finishes on 21st October 2097

    With only 73 years remaining on your lease the likely cost is going to span between £11,400 and £13,200 plus legals.

    The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.

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    Lease Extensions in Saffron Walden