Common questions relating to St Leonards On Sea leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in St Leonards On Sea. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in St Leonards On Sea - 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.
My wife and I purchased a leasehold house in St Leonards On Sea. Conveyancing and The Mortgage Works mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1997. The conveyancing solicitor in St Leonards On Sea who acted for me is not around.Any advice?
The first thing you should do is contact the Land Registry to be sure that the individual purporting to own the freehold is in fact the new freeholder. There is no need to instruct a St Leonards On Sea conveyancing practitioner to do this as it can be done on-line for £3. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a two flats in St Leonards On Sea both have about forty five years remaining on the leases. Will this present a problem?
There are plenty of short leases in St Leonards On Sea. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease reduces and results in it becoming more expensive to acquire a lease extension. This is why 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 protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area
Do you have any top tips for leasehold conveyancing in St Leonards On Sea from the perspective of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in St Leonards On Sea can be reduced where you instruct lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ lawyers.
- The majority freeholders or managing agents in St Leonards On Sea levy fees for providing management packs for a leasehold premises. You or your lawyers should find out 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 typical amount of time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in St Leonards On Sea.
What are the common defects that you see in leases for St Leonards On Sea properties?
Leasehold conveyancing in St Leonards On Sea is not unique. Most leases are unique and drafting errors can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the property
- A duty to insure the building
- 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 as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Coventry Building Society, and Alliance & Leicester all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.
I own a 2 bed flat in St Leonards On Sea, conveyancing having been completed 2012. 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? Comparable flats in St Leonards On Sea with a long lease are worth £179,000. The ground rent is £45 per annum. The lease comes to an end on 21st October 2076
With only 55 years remaining on your lease we estimate the price of your lease extension to range between £27,600 and £31,800 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.