Fixed-fee leasehold conveyancing in Whaley Bridge:

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Frequently asked questions relating to Whaley Bridge leasehold conveyancing

I am in need of some leasehold conveyancing in Whaley Bridge. Before diving in I require certainty as to the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and most are in Whaley Bridge - 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.

My wife and I purchased a leasehold house in Whaley Bridge. Conveyancing and Britannia mortgage are in place. A letter has just been received from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Whaley Bridge who acted for me is not around.Any advice?

First contact HMLR to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Whaley Bridge conveyancing lawyer to do this as it can be done on-line for £3. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a couple of apartments in Whaley Bridge which have about 50 years left on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Whaley Bridge. The lease is a right to use the property for a period of time. As a lease gets shorter the marketability of the lease reduces and results in it becoming more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area

Can you provide any top tips for leasehold conveyancing in Whaley Bridge with the intention of speeding up the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Whaley Bridge can be reduced if you instruct lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information needed by the purchasers’ representatives.
  • The majority landlords or managing agents in Whaley Bridge levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Whaley Bridge.
  • If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Whaley Bridge state that internal structural alterations or installing wooden flooring calls for a licence from the Landlord approving such changes. Should you fail to have the consents in place you should not contact the landlord without contacting your conveyancer in advance.
  • Some Whaley Bridge leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are 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 purchasers or their solicitors.
  • If you have the benefit of shareholding in the freehold, you should make sure that you are holding the original share document. Obtaining a new share certificate is often a lengthy formality and slows down many a Whaley Bridge conveyancing transaction. Where a reissued share certificate is required, you should approach the company director and secretary or managing agents (where relevant) for this as soon as possible.

    • What makes a Whaley Bridge lease unmortgageable?

    Leasehold conveyancing in Whaley Bridge is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the premises
    • A duty to insure the building
    • 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 issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, The Mortgage Works, and TSB all have express requirements 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 pull out.

    Leasehold Conveyancing in Whaley Bridge - A selection of Queries Prior to buying

      Are any of leasehold owners in arrears of their service charge payments? Its a good idea to discover as much as you can regarding the company managing the building as they can either make life much easier or uncomfortable. As the proprietor of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to daily matters like the cleanliness of the common parts. Ask other people if they are happy with them. On a final note, find out the dates that you are obliged pay the maintenance charge to the relevant party and precisely how they are spending the funds. You should be aware if it is fewer than eighty years it will have adverse implications on the value of the flat. Check with your mortgage company that they are happy with the length of the lease. A short lease means that you will most likely have to extend the lease sooner rather than later and it is worth discovering how much this would cost. Remember, in most cases you will be required to have been the owner of the premises for 24 months before you are legally able to extend the lease.

    Other Topics

    Lease Extensions in Whaley Bridge