Planning to sign contracts shortly on a leasehold property in Saltney. Conveyancing solicitors assured me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?

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

• Does the lease prohibit wood flooring?

Back In 2000, I bought a leasehold flat in Saltney. Conveyancing and Chelsea Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Saltney who acted for me is not around.Any advice?

First contact HMLR to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Saltney conveyancing firm to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a two maisonettes in Saltney both have approximately fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Saltney is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. For most buyers and banks, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Saltney conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Can you provide any advice for leasehold conveyancing in Saltney from the perspective of saving time on the sale process?

• Much of the frustration in leasehold conveyancing in Saltney can be bypassed where you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the buyers solicitors.
• Many landlords or Management Companies in Saltney levy fees for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought 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 common reason for delay in leasehold conveyancing in Saltney.

All being well we will complete the disposal of our £300000 apartment in Saltney in 5 days. The managing agents has quoted £348 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Saltney?

Saltney conveyancing on leasehold maisonettes often necessitates the buyer’s conveyancer submitting enquiries for the landlord to address. Although the landlord is not legally bound to address such questions the majority will be willing to do so. They may charge a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some situations it is in excess of £800. The administration charge demanded by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, otherwise the invoice is not strictly payable. In reality one has no choice but to pay whatever is requested of you if you want to complete the sale of your home.

Leasehold Conveyancing in Saltney - A selection of Queries before Purchasing

The prefered form of lease structure is a share of the freehold. In this arrangement the leaseholders enjoy control and notwithstanding that a managing agent is usually employed where it is larger than a house conversion, the managing agent is directed by the tenants. How much is the annual maintenance fee and ground rent? Where a Saltney lease has no more than eighty years it will have adverse implications on the marketability of the property. Check with your mortgage company that they are content with residual term of the lease. Leases with less than 80 years remaining means that you will almost definitely require a lease extension at some point and it is worth finding out how much this will be. Remember, in most cases you would need to own the property for 24 months before you are entitled to extend the lease.

Other Topics

Lease Extensions in Saltney