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

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Leasehold conveyancing in Silsoe is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Silsoe and next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Examples of recent questions relating to leasehold conveyancing in Silsoe

Due to complete next month on a basement flat in Silsoe. Conveyancing lawyers have said that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Silsoe should include some of the following:

  • You should be sent a copy of the lease
  • Are pets allowed in the flat?
  • Does the lease prevent you from renting out the property, or having a home office for business
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • You should have a good understanding of the insurance provisions
  • 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
  • Responsibility for repairing the window frames For details of the information to be included in your report on your leasehold property in Silsoe please enquire of your lawyer in ahead of your conveyancing in Silsoe

    • I have just appointed agents to market my garden flat in Silsoe.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly service charge invoice – Do I pay up?

    It best that you clear the service charge 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 managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.

    I am tempted by the attractive purchase price for a two flats in Silsoe which have about fifty years remaining on the leases. Will this present a problem?

    There are plenty of short leases in Silsoe. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. This is why it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this area

    Can you provide any top tips for leasehold conveyancing in Silsoe with the aim of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Silsoe can be bypassed where you appoint lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ lawyers.
    • Some Silsoe leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are resolved before the property is marketed. The purchasers and their solicitors will be nervous about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as over as opposed to ongoing.
  • If you hold a share in a the Management Company, you should make sure that you have the original share certificate. Organising a replacement share certificate can be a lengthy process and frustrates many a Silsoe conveyancing transaction. Where a new share certificate is required, do contact the company officers or managing agents (if relevant) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but it would be wise to verify this via your conveyancers. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. In the circumstances it is important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • What are the common defects that you witness in leases for Silsoe properties?

    There is nothing unique about leasehold conveyancing in Silsoe. All leases is drafted differently and drafting errors can sometimes mean that certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the building
    • 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

    A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , The Mortgage Works, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.

    I purchased a split level flat in Silsoe, conveyancing having been completed in 2003. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Silsoe with over 90 years remaining are worth £239,000. The ground rent is £50 levied per year. The lease ends on 21st October 2099

    With 73 years unexpired we estimate the premium for your lease extension to range between £13,300 and £15,400 as well as costs.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Silsoe