Leasehold Conveyancing in Yaxley - Get a Quote from the leasehold experts approved by your lender

Any conveyancing practice can theoretically deal with your leasehold conveyancing in Yaxley, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Examples of recent questions relating to leasehold conveyancing in Yaxley

I am in need of some leasehold conveyancing in Yaxley. Before diving in I would like to find out the remaining lease term.

If the lease is registered - and 99.9% are in Yaxley - 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 may need to rent out our Yaxley garden flat for a while due to taking a sabbatical. We used a Yaxley conveyancing firm in 2003 but they have closed and we did not think at the time get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?

Some leases for properties in Yaxley do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.

I've found a house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Yaxley. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Yaxley ?

Most houses in Yaxley are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Yaxley in which case you should be shopping around for a Yaxley conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer will appraise you on the various issues.

I am looking at a two apartments in Yaxley which have approximately 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the marketability of the lease deteriorate and it becomes more costly to extend the lease. For this reason it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this area

I work for a long established estate agent office in Yaxley where we have experienced a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Yaxley conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.

An alternative approach is to extend the lease informally by agreement with the landlord 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.

I invested in buying a basement flat in Yaxley, conveyancing having been completed 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Yaxley with over 90 years remaining are worth £200,000. The ground rent is £45 levied per year. The lease ceases on 21st October 2089

With just 64 years left to run the likely cost is going to be between £20,000 and £23,000 plus professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.

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Lease Extensions in Yaxley