Sample questions relating to Swanland leasehold conveyancing
I am in need of some leasehold conveyancing in Swanland. Before I get started I would like to find out the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and most are in Swanland - then the leasehold title will always include the basic details 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.
Due to exchange soon on a leasehold property in Swanland. Conveyancing solicitors inform me that they report fully next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Swanland should include some of the following:
- How long the lease is You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
I am looking at a two apartments in Swanland which have approximately forty five years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Swanland. The lease is a right to use the property for a prescribed time frame. As a lease gets shorter the saleability of the lease reduces and results in it becoming more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease extension can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena
I am a negotiator for a long established estate agency in Swanland where we have experienced a number of leasehold sales derailed due to short leases. I have been given contradictory information from local Swanland conveyancing firms. Could you confirm whether the owner of a flat can initiate the lease extension formalities for the buyer?
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 buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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.
Do you have any top tips for leasehold conveyancing in Swanland with the purpose of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Swanland can be reduced where you appoint lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information needed by the purchasers’ conveyancers.
- Many freeholders or managing agents in Swanland levy fees for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought 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 frequent reason for frustration in leasehold conveyancing in Swanland.
I own a 1 bedroom flat in Swanland, conveyancing formalities finalised 5 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Swanland with an extended lease are worth £255,000. The ground rent is £55 yearly. The lease comes to an end on 21st October 2101
With 80 years remaining on your lease we estimate the price of your lease extension to be between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.