Fixed-fee leasehold conveyancing in South Molton:

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Leasehold conveyancing in South Molton is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in South Molton and throughout next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Examples of recent questions relating to leasehold conveyancing in South Molton

Due to complete next month on a studio apartment in South Molton. Conveyancing lawyers assured me that they report fully within the next couple of days. What should I be looking out for?

Your report on title for your leasehold conveyancing in South Molton should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • The total extent of the property. This will be the apartment itself but may include a loft or cellar if applicable.
  • Are pets allowed in the flat?
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • Repair and maintenance of the flat
  • 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.
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in South Molton please ask your solicitor in advance of your conveyancing in South Molton

    • Back In 2008, I bought a leasehold flat in South Molton. Conveyancing and Bank of Scotland mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in South Molton who acted for me is not around.Do I pay?

    The first thing you should do is contact HMLR to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to instruct a South Molton conveyancing practitioner to do this as it can be done on-line for a few pound. You should note 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.

    I work for a reputable estate agency in South Molton where we have experienced a number of leasehold sales jeopardised as a result of short leases. I have been given conflicting advice from local South Molton conveyancing solicitors. Please can you confirm whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?

    As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.

    Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

    Do you have any top tips for leasehold conveyancing in South Molton with the purpose of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in South Molton can be bypassed where you instruct lawyers the minute you market your property and ask them to put together the leasehold information needed by the purchasers’ conveyancers.
    • Many landlords or Management Companies in South Molton charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in South Molton.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? South Molton leases often stipulate that internal structural changes or installing wooden flooring calls for a licence from the Landlord consenting to such changes. Should you dont have the approvals to hand do not contact the landlord without checking with your solicitor before hand.
  • A minority of South Molton leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are able to meet 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 solicitors.
  • If you are supposed to have a share in the freehold, you should ensure that you are holding the original share certificate. Obtaining a new share certificate is often a lengthy formality and slows down many a South Molton conveyancing transaction. If a new share certificate is necessary, do contact the company officers or managing agents (if relevant) for this sooner rather than later.

    • When it comes to leasehold conveyancing in South Molton what are the most frequent lease problems?

    Leasehold conveyancing in South Molton is not unique. All leases are individual and drafting errors can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the building
    • Insurance obligations
    • 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 have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Coventry Building Society, and Britannia 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 defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.

    I am the registered owner of a split level flat in South Molton, conveyancing having been completed 9 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in South Molton with an extended lease are worth £228,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease runs out on 21st October 2098

    With just 73 years left to run we estimate the premium for your lease extension to range between £10,500 and £12,000 plus professional fees.

    The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.

    Other Topics

    Lease Extensions in South Molton