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Seaton Delaval leasehold conveyancing Example Support Desk Enquiries

Planning to sign contracts shortly on a leasehold property in Seaton Delaval. Conveyancing solicitors have said that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Seaton Delaval 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 the 80 year mark
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • Does the lease prevent you from letting out the flat, or having a home office for business
  • Changes to the flat (alterations and additions)
  • 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.
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • Responsibility for repairing the window frames For a comprehensive list of information to be contained in your report on your leasehold property in Seaton Delaval please enquire of your conveyancer in ahead of your conveyancing in Seaton Delaval

    • I've found a house that appears to meet my requirements, at a great price which is making it more attractive. I have subsequently been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Seaton Delaval. Conveyancing advisers have are about to be instructed. Will they explain the issues?

    Most houses in Seaton Delaval are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Seaton Delaval in which case you should be shopping around for a Seaton Delaval conveyancing practitioner and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your lawyer will report to you on the legal implications.

    I am tempted by the attractive purchase price for a two maisonettes in Seaton Delaval both have in the region of fifty years remaining on the leases. Should I regard a short lease as a deal breaker?

    There are plenty of short leases in Seaton Delaval. The lease is a right to use the property for a period of time. As a lease gets shorter the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this field

    Do you have any advice for leasehold conveyancing in Seaton Delaval from the perspective of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Seaton Delaval can be bypassed if you instruct lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the buyers lawyers.
    • The majority freeholders or managing agents in Seaton Delaval charge 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 receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Seaton Delaval.
  • A minority of Seaton Delaval leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is 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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If there is a history of any disputes with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be concerned about purchasing a flat where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to unresolved.
  • If you are supposed to have a share in the Management Company, you should make sure that you are holding the original share certificate. Arranging a replacement share certificate is often a time consuming process and slows down many a Seaton Delaval conveyancing deal. Where a reissued share certificate is needed, you should approach the company director and secretary or managing agents (if applicable) for this as soon as possible.

    • If all goes to plan we aim to complete our sale of a £475000 flat in Seaton Delaval next week. The landlords agents has quoted £372 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Seaton Delaval?

    Seaton Delaval conveyancing on leasehold maisonettes usually requires the purchaser’s lawyer submitting questions for the landlord to address. Although the landlord is under no legal obligation to address these enquiries the majority will be content to do so. They are at liberty charge a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, 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 respect of administration charges, without which the invoice is not strictly payable. In reality you have little choice but to pay whatever is requested of you if you want to exchange contracts with the buyer.

    I bought a 2 bed flat in Seaton Delaval, conveyancing was carried out 9 years ago. 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? Comparable properties in Seaton Delaval with a long lease are worth £167,000. The ground rent is £65 yearly. The lease expires on 21st October 2092

    With just 67 years left to run we estimate the price of your lease extension to range between £10,500 and £12,000 plus costs.

    The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Seaton Delaval