Experts for Leasehold Conveyancing in Ashbourne

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Any conveyancing solicitor can theoretically handle your leasehold conveyancing in Ashbourne, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Questions and Answers: Ashbourne leasehold conveyancing

I am a negotiator for a busy estate agency in Ashbourne where we see a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Ashbourne conveyancing firms. Could you shed some light as to whether the vendor of a flat can instigate the lease extension formalities 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible to agree the lease extension with the freeholder 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 purchaser.

Can you offer any advice when it comes to choosing a Ashbourne conveyancing firm to deal with our lease extension?

When appointing a conveyancer for lease extension works (regardless if they are a Ashbourne conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Ashbourne conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

  • Can they put you in touch with client in Ashbourne who can give a testimonial?
  • What are the charges for lease extension conveyancing?

    • Can you provide any top tips for leasehold conveyancing in Ashbourne with the intention of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Ashbourne can be reduced where you instruct lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation needed by the purchasers’ conveyancers.
    • In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Ashbourne leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord approving such works. Where you fail to have the approvals in place you should not contact the landlord without contacting your solicitor in the first instance.
  • If you have had conflict with your landlord or managing agents it is essential that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a flat where a dispute is unsettled. 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 ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to unsettled.
  • If you hold a share in a the freehold, you should ensure that you have the original share document. Obtaining a replacement share certificate can be a time consuming process and slows down many a Ashbourne home move. If a new share certificate is needed, you should approach the company officers or managing agents (where applicable) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but it would be advisable verify this via your conveyancers. A purchaser's lawyer will not be happy to advise their client to where the remaining number of years is under 80 years. It is therefore important at an early stage 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.

    • Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £475000 flat in Ashbourne in 8 days. The management company has quoted £396 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Ashbourne?

    Ashbourne conveyancing on leasehold apartments normally necessitates the buyer’s lawyer submitting questions for the landlord to answer. Although the landlord is not legally bound to answer such questions the majority will be willing to assist. They may levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some cases it exceeds £800. The management information fee levied by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, otherwise the charge is not strictly payable. In reality you have little choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

    Are there frequently found defects that you see in leases for Ashbourne properties?

    Leasehold conveyancing in Ashbourne is not unique. All leases is drafted differently and drafting errors can sometimes mean that certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations 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 difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, The Mortgage Works, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.

    Ashbourne Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing

      Who manages the block? Be sure to discover if there are any onerous prohibitions in the lease. By way of example it is very common in Ashbourne leases that pets are not permitted in certain buildings in Ashbourne. If you love the propertyin Ashbourne yet your dog can’t move with you then you have a very hard choice. Its a good idea to discover as much as you can regarding the managing agents as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are frequently at the mercy of the managing agents both financially and when it comes to practical matters like the upkeep of the common parts. Don't be afraid to ask other tenants if they are happy with their service. In conclusion, find out the dates that you are obliged pay the service charge to the relevant party and precisely what you get for your money.

    Other Topics

    Lease Extensions in Ashbourne