Fixed-fee leasehold conveyancing in Billingham:

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

Common questions relating to Billingham leasehold conveyancing

I am in need of some leasehold conveyancing in Billingham. Before diving in I want to be sure as to the unexpired term of the lease.

If the lease is recorded at the land registry - and most are in Billingham - then the leasehold title will always include the short particulars 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 want to sublet my leasehold apartment in Billingham. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?

A small minority of properties in Billingham do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.

I have just started marketing my ground floor apartment in Billingham.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly maintenance charge demand – what should I do?

Your conveyancing lawyer is likely to suggest that you should pay 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 until 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am looking at a two maisonettes in Billingham which have about fifty years remaining on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Billingham is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. For most buyers and lenders, leases with less than 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 premises 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 Billingham 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 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.

Can you offer any advice when it comes to finding a Billingham conveyancing firm to carry out our lease extension conveyancing?

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

  • How many lease extensions has the firm carried out in Billingham in the last year?
  • What are the charges for lease extension conveyancing?

  • I am the registered owner of a 1 bedroom flat in Billingham, conveyancing was carried out 5 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Billingham with over 90 years remaining are worth £260,000. The average or mid-range amount of ground rent is £60 levied per year. The lease comes to an end on 21st October 2085

    With just 61 years left to run the likely cost is going to range between £21,900 and £25,200 plus costs.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Billingham