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

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When it comes to leasehold conveyancing in Beaminster, you will need to chose a conveyancing practitioner with leasehold experience. Whether your lender is to be Halifax, Birmingham Midshires or Bradford & Bingley make sure you find a lawyer on their approved list. Find a Beaminster conveyancing lawyer with our search tool

Beaminster leasehold conveyancing: Q and A’s

There are only 62 years remaining on my flat in Beaminster. I now wish to get lease extension but my freeholder is absent. What should I do?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to prove that you have done all that could be expected to track down the landlord. In some cases an enquiry agent should be useful to try and locate and to produce an expert document which can be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s absence and the vesting order request to the County Court covering Beaminster.

I am looking at a two flats in Beaminster which have about 50 years left on the lease term. should I be concerned?

There are plenty of short leases in Beaminster. The lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the marketability of the lease deteriorate and it becomes more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this field

I work for a reputable estate agency in Beaminster where we have experienced a few flat sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local Beaminster conveyancing solicitors. Could you clarify whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has been the owner 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 buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible 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 offer any advice when it comes to appointing a Beaminster conveyancing practice to carry out our lease extension conveyancing?

When appointing a conveyancer for your lease extension (regardless if they are a Beaminster conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Beaminster conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

  • What volume of lease extensions have they conducted in Beaminster in the last year?
  • Can they put you in touch with client in Beaminster who can give a testimonial?

    • Can you provide any advice for leasehold conveyancing in Beaminster with the purpose of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Beaminster can be reduced where you instruct lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation needed by the buyers conveyancers.
    • Many landlords or managing agents in Beaminster charge for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Beaminster.
  • Some Beaminster leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly 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 purchasers or their lawyers.
  • If you are supposed to have a share in the Management Company, you should ensure that you have the original share document. Obtaining a re-issued share certificate is often a lengthy process and frustrates many a Beaminster conveyancing transaction. Where a duplicate share is necessary, you should approach the company director and secretary or managing agents (if applicable) for this sooner rather than later.
  • You may think that you are aware of the number of years left on your lease but it would be advisable double-check via your solicitors. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • Beaminster Leasehold Conveyancing - Examples of Questions you should ask before Purchasing

      Its a good idea to find out as much as possible concerning the company managing the building as they will either make life much easier or much more difficult. As the owner of a leasehold property you will be at the mercy of the managing agents both financially and when it comes to every day issues like the cleanliness of the common parts. Ask prospective neighbours if they are happy with their management. Finally, find out the dates that you are obliged pay the maintenance charge to the appropriate party and precisely how they are spending that money. What prohibitions are there in the Beaminster Lease? Where a Beaminster lease has fewer than eighty years it will have adverse implications on the marketability of the property. It is worth checking with your lender that they are happy with residual term of the lease. Leases with fewer than 80 years remaining means that you will probably need a lease extension sooner rather than later and you need to have some idea of how much this will be. For most Beaminsterlease extensions you would need to own the property for a couple of years in order to be entitled to exercise a lease extension.

    Other Topics

    Lease Extensions in Beaminster