Fixed-fee leasehold conveyancing in Beaminster:

Leasehold conveyancing in Beaminster is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Beaminster and throughout next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Beaminster leasehold conveyancing: Q and A’s

Estate agents have just been given the go-ahead to market my ground floor flat in Beaminster.Conveyancing solicitors are to be appointed soon but I have just received a quarterly maintenance charge demand – should I leave it to the buyer to sort out?

The sensible thing to do is clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

My wife and I purchased a leasehold flat in Beaminster. Conveyancing and Bank of Ireland mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1996. The conveyancing solicitor in Beaminster who previously acted has long since retired.What should I do?

First make enquiries of HMLR to make 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 Beaminster conveyancing firm to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a two flats in Beaminster both have in the region of fifty years left on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Beaminster is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most buyers and lenders, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 Beaminster conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 any new 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 reputable estate agent office in Beaminster where we see a few flat sales derailed due to short leases. I have received conflicting advice from local Beaminster conveyancing firms. Can you shed some light as to whether the owner of a flat can start 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.

An alternative approach is 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.

All being well we will complete our sale of a £125000 garden flat in Beaminster in seven days. The management company has quoted £396 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Beaminster?

For the majority of leasehold sales in Beaminster conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

  • Addressing pre-exchange enquiries
  • Where consent is required before sale in Beaminster
  • Copies of the building insurance and schedule
  • Deeds of covenant upon sale
  • Registering of the assignment of the change of lessee after a sale
Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Beaminster leasehold premises is £350. For Beaminster conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide the information.

Beaminster Conveyancing for Leasehold Flats - A selection of Questions you should consider before Purchasing

    Does the lease include onerous restrictions? How many of the leaseholders are in arrears for their maintenance charge payments? It is important to be aware whether window replacement or some other major work is due in the foreseeable future to be shared amongst the leaseholders and may well dramatically increase the the maintenance costs or result in a specific invoice.

Other Topics

Lease Extensions in Beaminster