Examples of recent questions relating to leasehold conveyancing in Writtle
Having had my offer accepted I require leasehold conveyancing in Writtle. Before I set the wheels in motion I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Writtle - 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.
Planning to exchange soon on a studio apartment in Writtle. Conveyancing solicitors have said that they report fully tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Writtle should include some of the following:
- You should receive a copy of the lease
Estate agents have just been given the go-ahead to market my 2 bed apartment in Writtle.Conveyancing is yet to be initiated but I have just had a yearly maintenance charge demand – Do I pay up?
The sensible thing to do is pay 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 management companies will not acknowledge the buyer until 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 tempted by the attractive purchase price for a couple of maisonettes in Writtle which have in the region of forty five years left on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Writtle is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of purchasers and lenders, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Writtle conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Do you have any top tips for leasehold conveyancing in Writtle with the purpose of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Writtle can be bypassed where you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information needed by the purchasers’ conveyancers.
- In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Writtle leases often stipulate that internal structural changes or installing wooden flooring require a licence from the Landlord consenting to such works. Where you fail to have the paperwork to hand do not communicate with the landlord without contacting your solicitor first.
I inherited a studio flat in Writtle, conveyancing formalities finalised 1995. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Writtle with over 90 years remaining are worth £181,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease comes to an end on 21st October 2085
With 63 years remaining on your lease we estimate the premium for your lease extension to span between £15,200 and £17,600 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.