Questions and Answers: Ellesmere Port leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Ellesmere Port. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Ellesmere Port - 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 exchange soon on a basement flat in Ellesmere Port. Conveyancing lawyers assured me that they will have a report out to me next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Ellesmere Port should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
- Does the lease require carpeting throughout thus preventing wood flooring?
- Will you be prohibited or prevented from having pets in the property?
- Does the lease prevent you from renting out the flat, or working from home
- You should have a good understanding of the insurance provisions
- Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
Last month I purchased a leasehold property in Ellesmere Port. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
What are your top tips when it comes to appointing a Ellesmere Port conveyancing practice to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Ellesmere Port conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Ellesmere Port conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- If the firm is not ALEP accredited then what is the reason?
- What volume of lease extensions has the firm completed in Ellesmere Port in the last year?
Are there common defects that you see in leases for Ellesmere Port properties?
Leasehold conveyancing in Ellesmere Port is not unique. Most leases are unique and drafting errors can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Norwich and Peterborough Building Society, and Britannia all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to pull out.
I acquired a ground floor flat in Ellesmere Port, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Ellesmere Port with over 90 years remaining are worth £249,000. The ground rent is £50 per annum. The lease runs out on 21st October 2092
You have 66 years unexpired we estimate the price of your lease extension to span between £14,300 and £16,400 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. 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. Please do not take any other action placing reliance on this information without first getting professional advice.