Leasehold Conveyancing in Shefford - Get a Quote from the leasehold experts approved by your lender

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Shefford leasehold conveyancing: Q and A’s

I am on look out for some leasehold conveyancing in Shefford. Before diving in I would like to find out the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and 99.9% are in Shefford - 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 sign contracts shortly on a basement flat in Shefford. Conveyancing lawyers assured me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Shefford should include some of the following:

  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Changes to the flat (alterations and additions)
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • 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
  • What you can do if a neighbour is in violation of a provision in their lease?
  • What the implications are if you breach a clause of your lease? For details of the information to be contained in your report on your leasehold property in Shefford please enquire of your lawyer in ahead of your conveyancing in Shefford

    • My wife and I purchased a leasehold house in Shefford. Conveyancing and Bank of Scotland mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Shefford who previously acted has long since retired.Do I pay?

    First make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is indeed the new freeholder. It is not necessary to instruct a Shefford conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

    Can you provide any advice for leasehold conveyancing in Shefford from the point of view of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Shefford can be avoided if you appoint lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
    • In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Shefford state that internal structural changes or laying down wooden flooring require a licence issued by the Landlord consenting to such works. Should you fail to have the approvals to hand you should not contact the landlord without checking with your lawyer in the first instance.
  • If you have had conflict with your freeholder or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be nervous about purchasing a property where a dispute is ongoing. You may need to swallow your pride and discharge any arrears of service charge or settle 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 details of the dispute to the purchasers, but it is better to reveal the dispute as over as opposed to unsettled.
  • If you are supposed to have a share in the Management Company, you should ensure that you hold the original share document. Obtaining a duplicate share certificate can be a time consuming process and delays many a Shefford conveyancing transaction. If a new share certificate is required, you should approach the company officers or managing agents (if applicable) for this as soon as possible.
  • You may think that you are aware of the number of years left on your lease but you should double-check via your solicitors. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is less than 75 years. It is therefore essential at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • What makes a Shefford lease unacceptable for security purposes?

    Leasehold conveyancing in Shefford is not unique. All leases are unique and drafting errors can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the building
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    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, The Mortgage Works, and Barclays Direct all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.

    Shefford Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing

      Who is in charge of the block? The answer will be helpful as a) areas may cause problems in the building as the common areas may start to deteriorate where services remain unpaid b) if the leaseholders have an issue with the managing agents you will want to have full disclosure Please note that where the lease has no more than 80 years it will affect the salability of the flat. It is worth checking with your lender that they are happy with the length of the lease. A short lease means that you will almost definitely need a lease extension at some point and it is worth finding out what this would cost. Remember, in most cases you would be be obliged to have owned the property for two years in order to be eligible to carry out a lease extension.

    Other Topics

    Lease Extensions in Shefford