Examples of recent questions relating to leasehold conveyancing in Stanford Le Hope
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great price which is making it all the more appealing. I have since discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Stanford Le Hope. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Stanford Le Hope ?
The majority of houses in Stanford Le Hope are freehold and not 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 apparent that you are buying in Stanford Le Hope in which case you should be shopping around for a Stanford Le Hope conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your lawyer should appraise you on the various issues.
I am looking at a couple of apartments in Stanford Le Hope which have approximately forty five years unexpired on the lease term. should I be concerned?
There are plenty of short leases in Stanford Le Hope. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the value of the lease reduces and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field
Can you offer any advice when it comes to choosing a Stanford Le Hope conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Stanford Le Hope conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Stanford Le Hope conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:
- If the firm is not ALEP accredited then why not?
Can you provide any top tips for leasehold conveyancing in Stanford Le Hope from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Stanford Le Hope can be bypassed where you get in touch lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information needed by the buyers conveyancers.
- The majority landlords or managing agents in Stanford Le Hope charge for providing management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Stanford Le Hope.
Are there common problems that you see in leases for Stanford Le Hope properties?
Leasehold conveyancing in Stanford Le Hope is not unique. All leases is drafted differently and drafting errors can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Virgin Money, and Godiva Mortgages 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 grant the mortgage, obliging the purchaser to withdraw.
Stanford Le Hope Leasehold Conveyancing - A selection of Questions you should ask Prior to Purchasing
What prohibitions are contained in the Stanford Le Hope Lease?
Make sure you find out if there are any onerous restrictions in the lease. By way of example it is fairly common in Stanford Le Hope leases that pets are not permitted in certain buildings in Stanford Le Hope. If you love the apartmentin Stanford Le Hope however your dog can’t move with you then you will be presented with a difficult choice.
Best to be warned if redecorating or some other significant cost is anticipated to be shared by the tenants and will dramatically increase the the service costs or necessitate a specific payment.