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

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While any conveyancing practice can theoretically deal with your leasehold conveyancing in Benson, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Benson leasehold conveyancing Example Support Desk Enquiries

I wish to rent out my leasehold flat in Benson. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?

Your lease dictates the relationship between the freeholder and you the leaseholder; specifically, it will indicate if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Benson do not contain strict prohibition on subletting – such a clause would undoubtedly devalue the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.

I am attracted to a two flats in Benson which have about 50 years remaining on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Benson is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. For most purchasers and mortgage companies, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 Benson 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 the agreed 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.

Do you have any advice for leasehold conveyancing in Benson from the point of view of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Benson can be avoided where you get in touch lawyers the minute you market your property and request that they start to put together the leasehold information needed by the purchasers’ solicitors.
  • Some Benson 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 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be nervous about purchasing a flat where a dispute is ongoing. You may have to bite the bullet 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 ahead of 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 unresolved.
  • If you hold a share in a the freehold, you should make sure that you hold the original share document. Arranging a new share certificate can be a lengthy formality and slows down many a Benson home move. If a duplicate share certificate is required, do contact the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.
  • You may think that you are aware of the number of years remaining on your lease but you should verify this via your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to where the lease term is less than 80 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • All being well we will complete the disposal of our £325000 apartment in Benson next Monday . The landlords agents has quoted £312 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Benson?

    Benson conveyancing on leasehold maisonettes usually requires the buyer’s lawyer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to respond to such questions most will be content to assist. They may invoice a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The management information fee required by the landlord must be accompanied by a summary of rights and obligations in respect of administration charges, otherwise the invoice is not strictly payable. Reality however dictates that one has little choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

    What makes a Benson lease defective?

    There is nothing unique about leasehold conveyancing in Benson. Most leases are unique and drafting errors can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the property
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    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. Barclays , Coventry Building Society, and Aldermore 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 grant the mortgage, forcing the purchaser to withdraw.

    Benson Leasehold Conveyancing - A selection of Questions you should ask before Purchasing

      How many years remain on the lease? Best to be warned if redecorating or some other major work is coming up that will be shared between the tenants and could well materially increase the the maintenance fees or necessitate a one time invoice. For many Benson leaseholds the cost for major works are not included within maintenance charges, although a few managing agents in Benson obliged leaseholders to pay into a sinking fund and this is used to offset against major repairs or maintenance.

    Other Topics

    Lease Extensions in Benson