Top Five Questions relating to South Woodham Ferrers leasehold conveyancing
I am on look out for some leasehold conveyancing in South Woodham Ferrers. Before I get started I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and almost all are in South Woodham Ferrers - 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.
Expecting to complete next month on a leasehold property in South Woodham Ferrers. 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?
Your report on title for your leasehold conveyancing in South Woodham Ferrers should include some of the following:
- How long the lease is You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
I am hoping to put an offer on a small detached house that seems to be perfect, at a great figure which is making it all the more appealing. I have subsequently discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in South Woodham Ferrers. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in South Woodham Ferrers ?
Most houses in South Woodham Ferrers are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are purchasing in South Woodham Ferrers so you should seriously consider shopping around for a South Woodham Ferrers conveyancing practitioner and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’spermission to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your lawyer should report to you on the legal implications.
I am employed by a busy estate agency in South Woodham Ferrers where we have experienced a few leasehold sales put at risk as a result of short leases. I have been given conflicting advice from local South Woodham Ferrers conveyancing firms. Could you confirm whether the seller of a flat can start 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer 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 before, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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.
What are the frequently found deficiencies that you witness in leases for South Woodham Ferrers properties?
Leasehold conveyancing in South Woodham Ferrers is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain clauses are missing. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You will have 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. Birmingham Midshires, Chelsea Building Society, and Alliance & Leicester all have express 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 provide security, forcing the purchaser to pull out.
I invested in buying a garden flat in South Woodham Ferrers, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in South Woodham Ferrers with over 90 years remaining are worth £260,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease comes to an end on 21st October 2093
With 71 years unexpired the likely cost is going to range between £10,500 and £12,000 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.