Questions and Answers: St Neots leasehold conveyancing
Due to exchange soon on a garden flat in St Neots. Conveyancing lawyers assured me that they report fully on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in St Neots should include some of the following:
- You should be sent a copy of the lease
I today plan to offer on a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have subsequently been informed that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in St Neots. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in St Neots ?
Most houses in St Neots are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in St Neots in which case you should be shopping around for a St Neots conveyancing practitioner and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your solicitor will report to you on the legal implications.
I own a leasehold house in St Neots. Conveyancing and Bank of Scotland mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in St Neots who acted for me is not around.What should I do?
First make enquiries of HMLR to be sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to instruct a St Neots conveyancing firm to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Can you provide any top tips for leasehold conveyancing in St Neots with the purpose of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in St Neots can be avoided where you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ lawyers.
- The majority landlords or Management Companies in St Neots charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in St Neots.
In relation to leasehold conveyancing in St Neots what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in St Neots. All leases is drafted differently and drafting errors can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the property
- 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 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 Britannia all have express conveyancing instructions 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, obliging the purchaser to withdraw.
I purchased a split level flat in St Neots, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar flats in St Neots with an extended lease are worth £175,000. The ground rent is £55 levied per year. The lease runs out on 21st October 2090
With 69 years left to run we estimate the price of your lease extension to range between £8,600 and £9,800 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.