Frequently asked questions relating to Sea Mills leasehold conveyancing
I am in need of some leasehold conveyancing in Sea Mills. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
Assuming the lease is registered - and most are in Sea Mills - then the leasehold title will always include the basic details 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 looking at a couple of flats in Sea Mills both have approximately forty five years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Sea Mills. The lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the value of the lease deteriorate and results in it becoming more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this field
What are your top tips when it comes to appointing a Sea Mills conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Sea Mills conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Sea Mills conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- If the firm is not ALEP accredited then what is the reason?
Can you provide any advice for leasehold conveyancing in Sea Mills from the perspective of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Sea Mills can be bypassed where you get in touch lawyers as soon as you market your property and ask them to collate the leasehold information needed by the buyers lawyers.
- If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example installed wooden flooring? Sea Mills leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord approving such works. If you dont have the paperwork to hand do not communicate with the landlord without checking with your solicitor first.
What are the frequently found problems that you witness in leases for Sea Mills properties?
Leasehold conveyancing in Sea Mills is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Virgin Money, and Barclays Direct 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 is problematic they may refuse to grant the mortgage, obliging the purchaser to withdraw.
Leasehold Conveyancing in Sea Mills - Sample of Queries before buying
Many Sea Mills leasehold properties will have a service charge for the upkeep of the block levied by the management company. Where you acquire the apartment you will have to pay this liability, usually quarterly accross the year. This may be anything from a couple of hundred pounds to thousands of pounds for large purpose-built buildings. In all probability there will be a ground rent to be met annual, this is usually not a large sum, say around £25-£75 but you need to enquire it because occasionally it could be many hundreds of pounds.
Are there any major works on the horizon that could increase the service costs?
Generally speaking the cost for major works are not included within maintenance charges, although some managing agents in Sea Mills ask leaseholders to pay into a reserve fund and this is used to offset against major works.