Frequently asked questions relating to Whitefield leasehold conveyancing
I am on look out for some leasehold conveyancing in Whitefield. Before I set the wheels in motion I want to be sure as to the remaining lease term.
If the lease is registered - and 99.9% are in Whitefield - 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 am hoping to exchange soon on a leasehold property in Whitefield. Conveyancing solicitors inform me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Whitefield should include some of the following:
- You should be sent a copy of the lease
I today plan to offer on a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Whitefield. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
Most houses in Whitefield are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Whitefield so you should seriously consider shopping around for a Whitefield conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’spermission to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer will advise you fully on all the issues.
I am tempted by the attractive purchase price for a two apartments in Whitefield which have in the region of forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this area
In relation to leasehold conveyancing in Whitefield what are the most frequent lease problems?
Leasehold conveyancing in Whitefield is not unique. All leases are unique and legal mistakes in the legal wording can result in 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
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You will have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Chelsea Building Society, and Clydesdale all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.
I am the registered owner of a 2 bed flat in Whitefield, conveyancing having been completed 5 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Whitefield with a long lease are worth £187,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease expires on 21st October 2073
With just 52 years remaining on your lease we estimate the premium for your lease extension to span between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.