Experts for Leasehold Conveyancing in Thornton

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Thornton leasehold conveyancing Example Support Desk Enquiries

I am on look out for some leasehold conveyancing in Thornton. Before I set the wheels in motion I would like to find out the unexpired term of the lease.

If the lease is recorded at the land registry - and almost all are in Thornton - 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 have just started marketing my 2 bed flat in Thornton.Conveyancing has not commenced but I have just had a yearly maintenance charge invoice – should I leave it to the buyer to sort out?

It best that you discharge the invoice 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 managing agents will not acknowledge the buyer unless 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 attracted to a two apartments in Thornton both have in the region of 50 years left on the lease term. Do I need to be concerned?

A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the value of the lease deteriorate and results in it becoming more expensive to extend the lease. This is why it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field

Can you provide any advice for leasehold conveyancing in Thornton from the point of view of expediting the sale process?

  • Much of the frustration in leasehold conveyancing in Thornton can be avoided if you get in touch lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation needed by the buyers representatives.
  • Many landlords or Management Companies in Thornton 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 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 common cause of frustration in leasehold conveyancing in Thornton.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Thornton leases often stipulate that internal structural alterations or addition of wooden flooring require a licence from the Landlord approving such alterations. Should you dont have the consents in place you should not communicate with the landlord without contacting your solicitor first.
  • A minority of Thornton 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If you hold a share in a the freehold, you should make sure that you are holding the original share document. Organising a new share certificate is often a time consuming formality and delays many a Thornton conveyancing deal. Where a new share is necessary, do contact the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.

    • In relation to leasehold conveyancing in Thornton what are the most common lease defects?

    Leasehold conveyancing in Thornton is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the building
    • 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

    A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Coventry Building Society, and Britannia all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.

    I acquired a garden flat in Thornton, conveyancing was carried out 7 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Thornton with an extended lease are worth £209,000. The ground rent is £45 invoiced annually. The lease runs out on 21st October 2105

    With just 80 years unexpired we estimate the premium for your lease extension to range between £10,500 and £12,000 as well as costs.

    The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Thornton