Leasehold Conveyancing in Saffron Walden - Get a Quote from the leasehold experts approved by your lender

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Examples of recent questions relating to leasehold conveyancing in Saffron Walden

I am in need of some leasehold conveyancing in Saffron Walden. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.

Assuming the lease is registered - and almost all are in Saffron Walden - 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.

Back In 2001, I bought a leasehold house in Saffron Walden. Conveyancing and Clydesdale mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Saffron Walden who previously acted has now retired.What should I do?

The first thing you should do is make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Saffron Walden conveyancing solicitor to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I've recently bought a leasehold house in Saffron Walden. Am I liable to pay service charges for periods before my ownership?

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. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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).

Can you provide any advice for leasehold conveyancing in Saffron Walden with the purpose of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Saffron Walden can be bypassed if you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold information needed by the buyers solicitors.
  • Many freeholders or Management Companies in Saffron Walden charge for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Saffron Walden.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Saffron Walden leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord approving such changes. Where you dont have the approvals to hand you should not communicate with the landlord without contacting your solicitor before hand.
  • A minority of Saffron Walden leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If you are supposed to have a share in the Management Company, you should ensure that you have the original share certificate. Arranging a duplicate share certificate can be a lengthy process and frustrates many a Saffron Walden conveyancing transaction. Where a reissued share certificate is required, do contact the company director and secretary or managing agents (where applicable) for this as soon as possible.

    • When it comes to leasehold conveyancing in Saffron Walden what are the most common lease problems?

    There is nothing unique about leasehold conveyancing in Saffron Walden. All leases is drafted differently and drafting errors can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the premises
    • 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 encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Leeds Building Society, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.

    I am the registered owner of a 1 bedroom flat in Saffron Walden, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Saffron Walden with over 90 years remaining are worth £215,000. The ground rent is £65 invoiced annually. The lease ceases on 21st October 2104

    With 79 years unexpired we estimate the price of your lease extension to span between £9,500 and £11,000 plus legals.

    The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Saffron Walden