Experts for Leasehold Conveyancing in Chatteris

Get a Quote

When it comes to leasehold conveyancing in Chatteris, you will need to chose a conveyancing practitioner with leasehold experience. Whether your mortgage company is to be Clydesdale , Birmingham Midshires or Nationwide be sure to find a lawyer on their panel. Find a Chatteris conveyancing lawyer with our search tool

Questions and Answers: Chatteris leasehold conveyancing

Expecting to sign contracts shortly on a leasehold property in Chatteris. Conveyancing solicitors have said that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Chatteris should include some of the following:

  • You should be sent a copy of the lease
  • The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • Are you allowed to have a pet in the flat?
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For details of the information to be contained in your report on your leasehold property in Chatteris please ask your conveyancer in advance of your conveyancing in Chatteris

    • I am attracted to a two apartments in Chatteris which have about forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?

    There are plenty of short leases in Chatteris. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the value of the lease deteriorate and it becomes more expensive to extend the lease. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this arena

    I work for a reputable estate agent office in Chatteris where we have experienced a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given contradictory information from local Chatteris conveyancing firms. Could 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 been the owner 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. This means that the buyer 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 disposal of the property.

    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 buyer.

    Can you provide any advice for leasehold conveyancing in Chatteris with the purpose of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Chatteris can be bypassed where you get in touch lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the buyers conveyancers.
    • Many freeholders or managing agents in Chatteris levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Chatteris.
  • If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Chatteris state that internal structural changes or laying down wooden flooring require a licence from the Landlord acquiescing to such changes. Where you dont have the paperwork in place you should not communicate with the landlord without contacting your solicitor in advance.
  • If you hold a share in a the Management Company, you should make sure that you hold the original share document. Obtaining a duplicate share certificate can be a lengthy process and delays many a Chatteris conveyancing deal. Where a reissued share certificate is necessary, you should approach the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.
  • You believe that you know the number of years remaining on your lease but it would be advisable double-check by asking your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is below 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • What makes a Chatteris lease defective?

    There is nothing unique about leasehold conveyancing in Chatteris. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the premises
    • 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 could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, The Royal Bank of Scotland, and TSB all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.

    I own a 2 bed flat in Chatteris, conveyancing was carried out 2008. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Chatteris with over 90 years remaining are worth £207,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease ceases on 21st October 2091

    With 66 years remaining on your lease the likely cost is going to span between £15,200 and £17,600 as well as costs.

    The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Chatteris