Recently asked questions relating to Thornaby leasehold conveyancing
I am on look out for some leasehold conveyancing in Thornaby. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and most are in Thornaby - 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.
Looking forward to sign contracts shortly on a leasehold property in Thornaby. Conveyancing solicitors 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 Thornaby should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
I've found a house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have just been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Thornaby. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
The majority of houses in Thornaby are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Thornaby in which case you should be shopping around for a Thornaby conveyancing solicitor and be sure that they are used to transacting on 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 will likely included provisions for example obtaining the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your conveyancer should advise you fully on all the issues.
I am employed by a busy estate agency in Thornaby where we have experienced a few flat sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Thornaby conveyancing solicitors. Please can you clarify whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner 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 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 buyer.
Do you have any top tips for leasehold conveyancing in Thornaby with the aim of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Thornaby can be reduced if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the purchasers’ representatives.
- In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Most leases in Thornaby state that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord approving such changes. Where you dont have the approvals in place you should not communicate with the landlord without contacting your solicitor first.
I invested in buying a 2 bed flat in Thornaby, conveyancing was carried out in 2004. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Thornaby with over 90 years remaining are worth £204,000. The average or mid-range amount of ground rent is £55 yearly. The lease comes to an end on 21st October 2079
With just 54 years left to run we estimate the price of your lease extension to span between £31,400 and £36,200 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.
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