Quality lawyers for Leasehold Conveyancing in Sandiacre

When it comes to leasehold conveyancing in Sandiacre, you will need to instruct a conveyancing solicitor with leasehold experience. Whether your mortgage company is to be Santander, RBS or Bradford & Bingley make sure you find a lawyer on their approved list. Find a Sandiacre conveyancing lawyer with our search tool

Top Five Questions relating to Sandiacre leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Sandiacre. Before diving in I require certainty as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and 99.9% are in Sandiacre - 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.

I am hoping to complete next month on a ground floor flat in Sandiacre. Conveyancing lawyers assured me that they report fully on Monday. Are there areas in the report that I should be focusing on?

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

  • You must be told what counts as a Nuisance in the lease
  • Whether your lease has a provision for a sinking fund?
  • You should have a good understanding of the insurance provisions
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • 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
  • What options are open to you if a neighbour breach a clause of their lease? For details of the information to be contained in your report on your leasehold property in Sandiacre please enquire of your conveyancer in ahead of your conveyancing in Sandiacre

  • I am tempted by the attractive purchase price for a couple of flats in Sandiacre which have in the region of 50 years remaining on the lease term. Will this present a problem?

    A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area

    Last month I purchased a leasehold house in Sandiacre. Am I liable to pay service charges for periods before completion of my purchase?

    Where the service charge has already been demanded from the previous owner 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).

    I work for a reputable estate agent office in Sandiacre where we have experienced a number of flat sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Sandiacre conveyancing firms. Please can you clarify whether the owner of a flat can start the lease extension process for the buyer?

    Provided that 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 can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed 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.

    I am the registered owner of a 1 bedroom flat in Sandiacre, conveyancing formalities finalised in 2002. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Sandiacre with an extended lease are worth £222,000. The ground rent is £65 levied per year. The lease terminates on 21st October 2082

    With 60 years unexpired we estimate the price of your lease extension to range between £20,000 and £23,000 plus professional fees.

    The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Sandiacre