Fixed-fee leasehold conveyancing in Beaconsfield:

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Any conveyancing practice can theoretically deal with your leasehold conveyancing in Beaconsfield, 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: Beaconsfield leasehold conveyancing

I today plan to offer on a house that appears to be perfect, at a great price which is making it more attractive. I have just been informed that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Beaconsfield. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?

The majority of houses in Beaconsfield are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Beaconsfield in which case you should be looking for a Beaconsfield conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your lawyer will appraise you on the various issues.

My wife and I purchased a leasehold house in Beaconsfield. Conveyancing and Chelsea Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Beaconsfield who acted for me is not around.Any advice?

First contact HMLR to make sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to incur the fees of a Beaconsfield conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

Last month I purchased a leasehold property in Beaconsfield. Am I liable to pay service charges for periods before my ownership?

Where the service charge has already been demanded from the previous owner 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).

Do you have any top tips for leasehold conveyancing in Beaconsfield from the point of view of saving time on the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Beaconsfield can be reduced if you get in touch lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation needed by the buyers conveyancers.
  • The majority freeholders or Management Companies in Beaconsfield levy fees for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Beaconsfield.
  • If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Beaconsfield state that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord acquiescing to such alterations. If you fail to have the approvals in place you should not communicate with the landlord without checking with your lawyer first.
  • Some Beaconsfield leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice 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 able to meet 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 the benefit of shareholding in the freehold, you should ensure that you have the original share certificate. Organising a replacement share certificate can be a time consuming process and slows down many a Beaconsfield conveyancing deal. Where a new share certificate is needed, you should approach the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.

    • When it comes to leasehold conveyancing in Beaconsfield what are the most frequent lease problems?

    There is nothing unique about leasehold conveyancing in Beaconsfield. Most leases is drafted differently and drafting errors can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the premises
    • 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 problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Norwich and Peterborough Building Society, and TSB 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 purchaser to pull out.

    I am the registered owner of a leasehold flat in Beaconsfield, conveyancing having been completed 1995. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Beaconsfield with a long lease are worth £216,000. The ground rent is £60 per annum. The lease finishes on 21st October 2084

    With just 63 years unexpired we estimate the premium for your lease extension to be between £17,100 and £19,800 plus professional fees.

    The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Beaconsfield