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Leasehold conveyancing in Sully is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Sully and throughout next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Sully leasehold conveyancing Example Support Desk Enquiries

Having had my offer accepted I require leasehold conveyancing in Sully. Before diving in I want to be sure as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and most are in Sully - 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’m about to sell my basement flat in Sully.Conveyancing lawyers have not yet been instructed but I have just received a yearly service charge demand – what should I do?

Your conveyancing lawyer is likely to suggest that you should pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I am employed by a long established estate agency in Sully where we have witnessed a few leasehold sales jeopardised due to short leases. I have been given contradictory information from local Sully conveyancing firms. Could you clarify whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

Can you provide any top tips for leasehold conveyancing in Sully with the purpose of saving time on the sale process?

  • Much of the frustration in leasehold conveyancing in Sully can be reduced where you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the buyers lawyers.
  • The majority landlords or managing agents in Sully charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Sully.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Sully state that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord acquiescing to such changes. Should you fail to have the consents to hand do not communicate with the landlord without checking with your conveyancer before hand.
  • A minority of Sully leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, 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 financially capable of paying the yearly 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
  • You believe that you know the number of years remaining on your lease but you should double-check via your lawyers. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is under 80 years. It is therefore important at an as soon as possible that you identify whether the lease term 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 Sully what are the most frequent lease defects?

    There is nothing unique about leasehold conveyancing in Sully. All leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are wrong. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the premises
    • Insurance obligations
    • 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

    You could 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. Yorkshire Building Society, The Mortgage Works, and Alliance & Leicester all have very detailed 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, forcing the buyer to withdraw.

    Leasehold Conveyancing in Sully - A selection of Questions you should ask before Purchasing

      Please note if it is less than eighty years it will impact the marketability of the apartment. 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 most likely require a lease extension sooner rather than later and you need to have some idea of how much this would cost. For most Sullylease extensions you will be be obliged to have owned the premises for 24 months before you are legally able to exercise a lease extension. Does this lease have in excess of 80 years left? It would be prudent to discover as much as you can regarding the managing agents as they can either make your living at the property much easier or uncomfortable. Being a leasehold owner you are frequently at the mercy of the managing agents from a financial perspective and when it comes to every day matters like the tidiness of the common parts. Ask other tenants whether they are happy with their service. On a final note, find out the dates that the service fees are due to the appropriate party and specifically what it includes.

    Other Topics

    Lease Extensions in Sully