Fixed-fee leasehold conveyancing in Adwick le Street:

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Questions and Answers: Adwick le Street leasehold conveyancing

I've found a house that seems to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Adwick le Street. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Adwick le Street ?

Most houses in Adwick le Street are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Adwick le Street in which case you should be looking for a Adwick le Street conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your solicitor will advise you fully on all the issues.

I own a leasehold flat in Adwick le Street. Conveyancing and Lloyds TSB Bank mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Adwick le Street who acted for me is not around.Do I pay?

The first thing you should do is make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Adwick le Street conveyancing lawyer to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a two maisonettes in Adwick le Street which have approximately fifty years left on the lease term. Will this present a problem?

There are no two ways about it. A leasehold apartment in Adwick le Street is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. For most buyers and mortgage companies, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Adwick le Street conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I am employed by a busy estate agent office in Adwick le Street where we have experienced a few flat sales put at risk due to short leases. I have received conflicting advice from local Adwick le Street conveyancing solicitors. Could you confirm whether the vendor of a flat can initiate the lease extension process for the buyer?

As long as the seller has owned the lease 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 buyer need not have to wait 2 years for a lease extension. 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.

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.

Can you provide any top tips for leasehold conveyancing in Adwick le Street from the point of view of expediting the sale process?

  • Much of the frustration in leasehold conveyancing in Adwick le Street can be avoided where you appoint lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation which will be required by the buyers conveyancers.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Adwick le Street state that internal structural changes or installing wooden flooring necessitate a licence from the Landlord consenting to such alterations. Should you fail to have the paperwork in place you should not contact the landlord without checking with your conveyancer in the first instance.
  • If you have had conflict with your landlord or managing agents it is essential that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is ongoing. You will have to accept that you will have to discharge any arrears of service charge or settle 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 details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic as opposed to unsettled.
  • If you are supposed to have a share in the freehold, you should ensure that you have the original share certificate. Arranging a new share certificate can be a time consuming formality and slows down many a Adwick le Street conveyancing deal. If a reissued share certificate is necessary, do contact the company officers or managing agents (where applicable) for this sooner rather than later.
  • You may think that you are aware of the number of years left on your lease but you should verify this via your solicitors. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is under 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • Adwick le Street Leasehold Conveyancing - A selection of Questions you should ask before Purchasing

      The prefered form of lease arrangement is a share of the freehold. In this situation the lessees have being in charge if their destiny and although a managing agent is usually retained where the building is bigger than a house conversion, the managing agent employed by the leaseholders. How much is the ground rent and service charge? Who manages the block?

    Other Topics

    Lease Extensions in Adwick le Street