Experts for Leasehold Conveyancing in Beverley

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Top Five Questions relating to Beverley leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Beverley. Before diving in I require certainty as to the number of years remaining on the lease.

If the lease is registered - and 99.9% are in Beverley - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I've found a house that seems to be perfect, at a great price which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Beverley. Conveyancing advisers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Beverley ?

Most houses in Beverley are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Beverley so you should seriously consider looking for a Beverley conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to conduct alterations. You may also be required to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your conveyancer should advise you fully on all the issues.

I am looking at a two apartments in Beverley both have approximately fifty years unexpired on the lease term. should I be concerned?

There is no doubt about it. A leasehold flat in Beverley is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most buyers and mortgage companies, leases with under eighty years become less and less marketable. 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 property 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 Beverley conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

I am a negotiator for a long established estate agency in Beverley where we have experienced a number of flat sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Beverley conveyancing solicitors. Please can you clarify whether the seller of a flat can initiate the lease extension process for the buyer?

As long as 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 can avoid having 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 at the same time as completion of the sale.

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 provide any advice for leasehold conveyancing in Beverley from the point of view of expediting the sale process?

  • Much of the frustration in leasehold conveyancing in Beverley can be avoided where you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the buyers representatives.
  • If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Beverley leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence issued by the Landlord approving such alterations. Where you dont have the paperwork to hand do not communicate with the landlord without contacting your conveyancer first.
  • A minority of Beverley leases require Licence to Assign from the landlord. If this is the case, 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 will need to confirm that the buyers are financially capable of paying 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 purchasers or their lawyers.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be concerned about purchasing a property where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or resolve 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 better to present the dispute as historic as opposed to unsettled.
  • You believe that you know the number of years left on your lease but it would be advisable double-check via your lawyers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. In the circumstances it is important at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

  • Beverley Conveyancing for Leasehold Flats - Examples of Queries Prior to buying

      You should want to discover as much as possible regarding the company managing the block as they will impact your use and enjoyment of the property. As the owner of a leasehold property you will be in the clutches of the managing agents from a financial perspective and when it comes to daily issues like the tidiness of the communal areas. Enquire of other people if they are happy with their management. Finally, investigate as to the dates that you are obliged pay the maintenance charge to the appropriate party and specifically how they are spending that money. How many of the leaseholders are in arrears for their maintenance charge payments? The majority of Beverley leasehold flats will be liable to pay a service bill for maintenance of the block set by the landlord. Where you buy the flat you will have to pay this charge, normally in instalments throughout the year. This could differ from a couple of hundred pounds to thousands of pounds for large purpose-built blocks. In all probability there will be a rentcharge for you to pay annual, this is usually not a significant sum, say around £25-£75 but you need to check as sometimes it could be prohibitively expensive.

    Other Topics

    Lease Extensions in Beverley