Fixed-fee leasehold conveyancing in Shenstone:

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Examples of recent questions relating to leasehold conveyancing in Shenstone

I am in need of some leasehold conveyancing in Shenstone. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.

If the lease is recorded at the land registry - and 99.9% are in Shenstone - 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.

Expecting to exchange soon on a basement flat in Shenstone. Conveyancing solicitors inform me that they are sending me a report 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 Shenstone should include some of the following:

  • Does the lease require carpeting throughout thus preventing wood flooring?
  • Will you be prohibited or prevented from having pets in the property?
  • Whether the lease restricts you from subletting the flat, or working from home
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • You should have a good understanding of the insurance provisions
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • 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 Shenstone please enquire of your conveyancer in ahead of your conveyancing in Shenstone

    • I am tempted by the attractive purchase price for a couple of apartments in Shenstone both have approximately forty five years remaining on the lease term. Will this present a problem?

    There is no doubt about it. A leasehold apartment in Shenstone is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. For most purchasers and banks, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Shenstone conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

    Do you have any advice for leasehold conveyancing in Shenstone with the intention of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Shenstone can be reduced where you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation needed by the buyers lawyers.
    • In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Most leases in Shenstone state that internal structural changes or laying down wooden flooring calls for a licence from the Landlord acquiescing to such alterations. If you dont have the approvals to hand do not contact the landlord without contacting your lawyer first.
  • Some Shenstone leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual 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 freeholder or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to unsettled.
  • If you have the benefit of shareholding in the freehold, you should make sure that you hold the original share document. Organising a re-issued share certificate is often a lengthy formality and frustrates many a Shenstone conveyancing transaction. If a reissued share is needed, you should approach the company director and secretary or managing agents (where relevant) for this sooner rather than later.

    • What makes a Shenstone lease unacceptable for security purposes?

    Leasehold conveyancing in Shenstone is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain provisions are not included. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the property
    • 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 could encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, The Mortgage Works, and Britannia 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 problematic they may refuse to grant the mortgage, forcing the buyer to pull out.

    I acquired a 2 bed flat in Shenstone, conveyancing formalities finalised 4 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Shenstone with over 90 years remaining are worth £268,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease ceases on 21st October 2093

    With only 68 years left to run we estimate the price of your lease extension to be between £13,300 and £15,400 as well as legals.

    The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Shenstone