Top Five Questions relating to Writtle leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Writtle. Before diving in I want to be sure as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and almost all are in Writtle - 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.
Planning to sign contracts shortly on a ground floor flat in Writtle. Conveyancing lawyers assured me that they report fully on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Writtle should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
I today plan to offer on a house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have subsequently been informed that it's a leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Writtle. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Writtle ?
The majority of houses in Writtle are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Writtle in which case you should be shopping around for a Writtle conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer will report to you on the legal implications.
I am a negotiator for a reputable estate agent office in Writtle where we see a few flat sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Writtle conveyancing firms. Can you confirm whether the vendor of a flat can start the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to 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 sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible 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.
What are your top tips when it comes to finding a Writtle conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Writtle conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Writtle conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- If they are not ALEP accredited then what is the reason?
I bought a garden flat in Writtle, conveyancing was carried out in 1996. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Writtle with an extended lease are worth £244,000. The ground rent is £60 charged once a year. The lease terminates on 21st October 2071
With 51 years unexpired we estimate the premium for your lease extension to span between £36,100 and £41,800 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 a more accurate figure in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.