About to place an offer on a leasehold apartment in Ashby de la Zouch. The property agents say that it is normal for flats in Ashby de la Zouch to have less than 75 years remaining. I am taking out a loan with Chelsea Building Society. Is this going to be a problem if the lease has 70 years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 18/4/2024 the requirements read as follows :
I need some expedited conveyancing in Ashby de la Zouch as I am under a deadline to complete inside one month. A home loan is not required. Can I avoid the conveyancing searches to save money and time?
As you are are a mortgage free purchaser you are at liberty not to have searches carried out although no lawyer would suggest that you don't. Drawing on our experience of conveyancing in Ashby de la Zouch the following are instances of issues that can appear and therefore affect market value: Enforcement Actions, Outstanding Charges, Overdue Grants, Road Schemes,...
My wife and I purchased a renovated Victorian property in Ashby de la Zouch. Conveyancing lawyer acted for me and Santander. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, the second leasehold with the exact same property. If a house is not a freehold shouldn't I have been informed?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Ashby de la Zouch and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the position with the conveyancing practitioner who carried out the work.
About to purchase a new build apartment in Ashby de la Zouch. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Ashby de la Zouch
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The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Please supply a car parking plan. Forfeiture - bankruptcy or liquidation must not apply under this provision. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I work for a busy estate agent office in Ashby de la Zouch where we see a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received contradictory information from local Ashby de la Zouch conveyancing solicitors. Please can you confirm whether the seller of a flat can start the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-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 wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible 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 purchaser.
I invested in buying a garden flat in Ashby de la Zouch, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Ashby de la Zouch with over 90 years remaining are worth £216,000. The ground rent is £50 invoiced annually. The lease terminates on 21st October 2093
With only 69 years left to run the likely cost is going to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed investigations. You should not use the figures 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 getting professional advice.
I am an executor of my recently deceased mother’s Will, with a property in Ashby de la Zouch which is to be marketed. The bungalow is unregistered at the Land Registry and I'm told that some buyers solicitors will insist that it is done before they'll move forward. What's the procedure for this?
In the situation that you have set out it seems prudent to seek to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. The Land Registry’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and official copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.