Fixed-fee leasehold conveyancing in Saxilby:

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Leasehold conveyancing in Saxilby is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Saxilby and across next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Saxilby leasehold conveyancing: Q and A’s

Back In 2006, I bought a leasehold house in Saxilby. Conveyancing and Lloyds TSB Bank mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Saxilby who acted for me is not around.What should I do?

The first thing you should do is contact HMLR to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. There is no need to instruct a Saxilby conveyancing firm to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a two flats in Saxilby which have approximately fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Saxilby. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the value of the lease decreases and it becomes more costly to extend the lease. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this arena

Do you have any top tips for leasehold conveyancing in Saxilby with the intention of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Saxilby can be reduced where you get in touch lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ conveyancers.
  • Many freeholders or Management Companies in Saxilby 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 pack can be applied for 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 common cause of frustration in leasehold conveyancing in Saxilby.
  • If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Saxilby state that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord acquiescing to such works. Where you dont have the consents to hand do not contact the landlord without checking with your lawyer in the first instance.
  • Some Saxilby leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are able to meet 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.
  • You believe that you know the number of years remaining on your lease but it would be advisable double-check via your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £125000 apartment in Saxilby next week. The management company has quoted £336 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Saxilby?

    Saxilby conveyancing on leasehold maisonettes more often than not requires the purchaser’s conveyancer sending questions for the landlord to address. Although the landlord is not legally bound to answer such questions most will be willing to do so. They are entitled levy a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee levied by the landlord must be accompanied by a summary of rights and obligations in relation to administration charges, otherwise the invoice is not strictly payable. Reality however dictates that one has little option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

    What makes a Saxilby lease unacceptable for security purposes?

    There is nothing unique about leasehold conveyancing in Saxilby. Most leases are individual and drafting errors can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the property
    • Insurance obligations
    • 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 will have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Bank of Scotland, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.

    Saxilby Conveyancing for Leasehold Flats - Sample of Queries before buying

      Does the lease include onerous restrictions? Are any of leasehold owners in arrears of their service charge liability? The answer will be useful as a) areas could result in problems in the block as the common areas may begin to deteriorate where services remain unpaid b) if the leasehold owners have a dispute with the running of the building you will want to have all the details

    Other Topics

    Lease Extensions in Saxilby