Experts for Leasehold Conveyancing in St Mawes

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Whether you are buying or selling leasehold flat in St Mawes, our panel of leasehold conveyancing experts will help you move with as little stress as possible. Find a St Mawes conveyancing lawyer with our search tool

Frequently asked questions relating to St Mawes leasehold conveyancing

I am on look out for some leasehold conveyancing in St Mawes. Before diving in I want to be sure as to the unexpired term of the lease.

Assuming the lease is registered - and most are in St Mawes - 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.

I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have just been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in St Mawes. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in St Mawes ?

The majority of houses in St Mawes are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in St Mawes in which case you should be shopping around for a St Mawes conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to carry out alterations. You may also be required to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your lawyer should advise you fully on all the issues.

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

If you are instructing a property lawyer for your lease extension (regardless if they are a St Mawes conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non St Mawes conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

  • How familiar is the practice with lease extension legislation?
  • If the firm is not ALEP accredited then why not?

    • Do you have any advice for leasehold conveyancing in St Mawes with the intention of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in St Mawes can be reduced if you get in touch lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the buyers representatives.
    • If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in St Mawes state that internal structural changes or laying down wooden flooring require a licence issued by the Landlord acquiescing to such changes. Where you dont have the consents in place you should not contact the landlord without checking with your solicitor in the first instance.
  • Some St Mawes leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share document. Organising a new share certificate can be a lengthy process and slows down many a St Mawes home move. Where a new share certificate is required, do contact the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.
  • You believe that you know the number of years remaining on your lease but it would be wise to verify this by asking your lawyers. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is less than 80 years. It is therefore important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • In relation to leasehold conveyancing in St Mawes what are the most frequent lease defects?

    Leasehold conveyancing in St Mawes is not unique. Most leases are unique and drafting errors can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the building
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, The Mortgage Works, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.

    I bought a ground floor flat in St Mawes, conveyancing was carried out 1998. Can you work out an approximate cost of a lease extension? Corresponding properties in St Mawes with a long lease are worth £230,000. The ground rent is £65 charged once a year. The lease terminates on 21st October 2087

    With only 62 years unexpired the likely cost is going to be between £19,000 and £22,000 plus professional fees.

    The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in St Mawes