Common questions relating to Shenfield leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Shenfield. Before I get started I require certainty as to the number of years remaining on the lease.
If the lease is registered - and 99.9% are in Shenfield - 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 looking at a couple of flats in Shenfield both have about fifty years unexpired on the leases. Do I need to be concerned?
There are plenty of short leases in Shenfield. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease deteriorate and it becomes 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 as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this field
Do you have any advice for leasehold conveyancing in Shenfield with the intention of expediting the sale process?
- Much of the delay in leasehold conveyancing in Shenfield can be reduced where you instruct lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information which will be required by the buyers representatives.
- The majority freeholders or managing agents in Shenfield levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Shenfield.
Completion in due on our sale of a £125000 flat in Shenfield in just under a week. The managing agents has quoted £348 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Shenfield?
Shenfield conveyancing on leasehold apartments usually requires the buyer’s lawyer submitting questions for the landlord to answer. Although the landlord is under no legal obligation to address such questions most will be willing to assist. They may invoice a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some situations it is above £800. The management information fee invoiced by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration charges, otherwise the invoice is technically not due. Reality however dictates that one has no option but to pay whatever is demanded should you wish to complete the sale of your home.
What makes a Shenfield lease unmortgageable?
There is nothing unique about leasehold conveyancing in Shenfield. All leases are unique and legal mistakes in the legal wording can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the property
- 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 a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Skipton Building Society, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the purchaser to withdraw.
I purchased a leasehold flat in Shenfield, conveyancing having been completed 5 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? Similar properties in Shenfield with over 90 years remaining are worth £232,000. The ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2074
You have 51 years unexpired we estimate the price of your lease extension to span between £39,000 and £45,000 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.