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Questions and Answers: Alrewas leasehold conveyancing

Due to complete next month on a garden flat in Alrewas. Conveyancing lawyers have said that they are sending me a report tomorrow. What should I be looking out for?

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

  • The physical extent of the property. This will be the apartment itself but could also include a loft or basement if appropriate.
  • Setting out your rights in relation to the communal areas in the block.By way of example, does the lease include a right of way over an accessway or staircase?
  • You must be told what counts as a Nuisance in the lease
  • Whether your lease has a provision for a sinking fund?
  • Repair and maintenance of the flat
  • Changes to the flat (alterations and additions)
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required For details of the information to be contained in your report on your leasehold property in Alrewas please ask your lawyer in advance of your conveyancing in Alrewas

    • I own a leasehold flat in Alrewas. Conveyancing and Leeds Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Alrewas who previously acted has long since retired.What should I do?

    The first thing you should do is contact the Land Registry to be sure that the individual purporting to own the freehold is in fact the new freeholder. There is no need to incur the fees of a Alrewas conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

    I am employed by a long established estate agent office in Alrewas where we see a few flat sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Alrewas conveyancing firms. Could you shed some light as to whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?

    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 simultaneously with 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 Alrewas with the aim of saving time on the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Alrewas can be avoided if you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ representatives.
    • If you have carried out any alterations to the residence would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Alrewas leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord acquiescing to such alterations. Should you fail to have the consents in place you should not contact the landlord without checking with your conveyancer in advance.
  • If there is a history of any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is ongoing. You may need to swallow your pride and pay 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 purchasers, but it is better to reveal the dispute as over rather than unsettled.
  • If you hold a share in a the freehold, you should ensure that you have the original share document. Obtaining a duplicate share certificate is often a lengthy process and delays many a Alrewas conveyancing deal. Where a new share certificate is required, do contact the company director and secretary or managing agents (if applicable) for this as soon as possible.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check by asking your solicitors. A purchaser's lawyer will be unlikely to recommend their client to where the lease term is under 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • What makes a Alrewas lease problematic?

    Leasehold conveyancing in Alrewas is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain provisions 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 premises
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, The Royal Bank of Scotland, and TSB all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.

    I am the registered owner of a split level flat in Alrewas, conveyancing formalities finalised in 2011. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Alrewas with a long lease are worth £243,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ceases on 21st October 2090

    With only 65 years left to run we estimate the price of your lease extension to span between £13,300 and £15,400 plus costs.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you 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 Alrewas