Common questions relating to Saltdean leasehold conveyancing
Planning to sign contracts shortly on a ground floor flat in Saltdean. Conveyancing lawyers assured me that they are sending me a report within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Saltdean should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
I today plan to offer on a house that appears to meet my requirements, at a great price which is making it all the more appealing. I have subsequently discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Saltdean. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
Most houses in Saltdean are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Saltdean in which case you should be looking for a Saltdean conveyancing practitioner and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your conveyancer should report to you on the legal implications.
I am looking at a couple of maisonettes in Saltdean both have in the region of forty five years left on the lease term. Will this present a problem?
A lease is a right to use the premises for a period of time. As the lease gets shorter the marketability of the lease decreases and it becomes more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this area
I work for a long established estate agent office in Saltdean where we have experienced a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Saltdean conveyancing firms. Could you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, 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.
Do you have any advice for leasehold conveyancing in Saltdean with the intention of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Saltdean can be bypassed where you appoint lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information needed by the purchasers’ representatives.
- The majority landlords or managing agents in Saltdean charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Saltdean.
I inherited a 1 bedroom flat in Saltdean, conveyancing formalities finalised 2012. Can you work out an approximate cost of a lease extension? Corresponding flats in Saltdean with over 90 years remaining are worth £266,000. The ground rent is £60 invoiced annually. The lease expires on 21st October 2100
With just 80 years remaining on your lease the likely cost is going to span between £11,400 and £13,200 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. 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.