Experts for Leasehold Conveyancing in Streetly

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Common questions relating to Streetly leasehold conveyancing

Looking forward to complete next month on a ground floor flat in Streetly. Conveyancing lawyers have said that they will have a report out to me next week. What should I be looking out for?

Your report on title for your leasehold conveyancing in Streetly should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • The total extent of the property. This will be the property itself but could also incorporate a roof space or basement if appropriate.
  • Are you allowed to have a pet in the flat?
  • Does the lease prevent you from letting out the flat, or having a home office for business
  • Changes to the flat (alterations and additions)
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • Responsibility for repairing the window frames For a comprehensive list of information to be contained in your report on your leasehold property in Streetly please enquire of your solicitor in ahead of your conveyancing in Streetly

    • I today plan to offer on a house that seems to be perfect, at a great price which is making it all the more appealing. I have just been informed that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Streetly. Conveyancing advisers have are soon to be appointed. Will they explain the issues?

    Most houses in Streetly 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 apparent that you are purchasing in Streetly in which case you should be looking for a Streetly conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your lawyer will report to you on the legal implications.

    Back In 2009, I bought a leasehold house in Streetly. Conveyancing and Godiva Mortgages Ltd mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Streetly who acted for me is not around.Do I pay?

    The first thing you should do is contact the Land Registry to be sure that the individual purporting to own the freehold is indeed the new freeholder. You do not need to instruct a Streetly conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that regardless, 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 tempted by the attractive purchase price for a couple of maisonettes in Streetly which have about forty five years left on the leases. Should I regard a short lease as a deal breaker?

    There are plenty of short leases in Streetly. The lease is a right to use the premises for a period of time. As the lease gets shorter the value of the lease deteriorate and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this area

    Do you have any advice for leasehold conveyancing in Streetly from the perspective of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Streetly can be bypassed where you get in touch lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information which will be required by the buyers conveyancers.
    • If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Streetly state that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord acquiescing to such changes. Where you fail to have the consents in place you should not communicate with the landlord without contacting your solicitor before hand.
  • Some Streetly leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is 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 buyers or their solicitors.
  • If you are supposed to have a share in the Management Company, you should ensure that you hold the original share document. Organising a re-issued share certificate is often a time consuming process and slows down many a Streetly home move. If a duplicate share is needed, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible.
  • You may think that you are aware of the number of years left on your lease but you should double-check by asking your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 80 years. In the circumstances it is important at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • Streetly Leasehold Conveyancing - Sample of Questions you should ask Prior to Purchasing

      How many of the leaseholders are in arrears for their service charge payments? It is important to be aware whether window replacement or some other major work is coming up that will be shared between the leasehold owners and could well materially increase the the service charges or require a specific payment. Please note that where the lease has fewer than 80 years it will affect the marketability of the property. Check with your lender that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will probably have to extend the lease at some point and it is worth discovering what this would cost. For most Streetlylease extensions you would need to own the premises for two years in order to be entitled to exercise a lease extension.

    Other Topics

    Lease Extensions in Streetly