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

When it comes to leasehold conveyancing in St Columb, you will need to instruct a conveyancing lawyer with leasehold experience. Whether your mortgage company is to be Clydesdale , Birmingham Midshires or NatWest make sure you find a lawyer on their panel. Feel free to use our search tool

St Columb leasehold conveyancing: Q and A’s

My wife and I purchased a leasehold house in St Columb. Conveyancing and Accord Mortgages Ltd mortgage are in place. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1996. The conveyancing practitioner in St Columb who previously acted has long since retired.Any advice?

The first thing you should do is contact HMLR to be sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to instruct a St Columb conveyancing lawyer to do this as you can do this on the Land Registry website 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 am looking at a couple of apartments in St Columb both have approximately forty five years remaining on the lease term. should I be concerned?

A lease is a right to use the property for a period of time. As the lease shortens the marketability of the lease reduces and it becomes more costly to extend the lease. For this reason it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease extension can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this arena

What are your top tips when it comes to choosing a St Columb conveyancing practice to deal with our lease extension?

If you are instructing a conveyancer for lease extension works (regardless if they are a St Columb conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non St Columb conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

  • If they are not ALEP accredited then what is the reason?
  • Can they put you in touch with client in St Columb who can give a testimonial?

  • Can you provide any top tips for leasehold conveyancing in St Columb with the purpose of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in St Columb can be reduced where you instruct lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information needed by the purchasers’ representatives.
    • If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you installed wooden flooring? St Columb leases often stipulate that internal structural changes or laying down wooden flooring require a licence issued by the Landlord approving such works. If you dont have the approvals to hand do not contact the landlord without contacting your solicitor in advance.
  • A minority of St Columb 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. Any 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If you have had conflict with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of 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 historic rather than unsettled.
  • If you hold a share in a the freehold, you should make sure that you have the original share document. Obtaining a re-issued share certificate can be a lengthy process and delays many a St Columb home move. If a reissued share is required, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible.

  • In relation to leasehold conveyancing in St Columb what are the most common lease problems?

    There is nothing unique about leasehold conveyancing in St Columb. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the premises
    • 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 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, Bank of Scotland, and Platform Home Loans Ltd all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to pull out.

    I bought a split level flat in St Columb, conveyancing having been completed 1996. 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 St Columb with over 90 years remaining are worth £200,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease ends on 21st October 2090

    With 69 years unexpired the likely cost is going to be between £11,400 and £13,200 plus legals.

    The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in St Columb