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

When it comes to leasehold conveyancing in Binfield, you will need to appoint a conveyancing lawyer with leasehold experience. Whether your mortgage company is to be Lloyds, RBS or Bradford & Bingley make sure you find a lawyer on their panel. Find a Binfield conveyancing lawyer with our search tool

Frequently asked questions relating to Binfield leasehold conveyancing

I am hoping to exchange soon on a studio apartment in Binfield. Conveyancing solicitors assured me that they will have a report out to me on Monday. What should I be looking out for?

The report on title for your leasehold conveyancing in Binfield should include some of the following:

  • You should be sent a copy of the lease
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • The total extent of the demise. This will be the property itself but could also incorporate a loft or basement if appropriate.
  • You need to be told what counts as a Nuisance in the lease
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? For details of the information to be contained in your report on your leasehold property in Binfield please enquire of your lawyer in ahead of your conveyancing in Binfield

  • I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable price which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Binfield. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Binfield ?

    Most houses in Binfield are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Binfield so you should seriously consider shopping around for a Binfield conveyancing practitioner and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer will advise you fully on all the issues.

    I am employed by a busy estate agency in Binfield where we see a number of flat sales jeopardised as a result of short leases. I have received conflicting advice from local Binfield conveyancing solicitors. Can you clarify whether the vendor of a flat can start 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. The benefit of this is that the proposed purchaser 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 has to be done 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 buyer.

    Do you have any top tips for leasehold conveyancing in Binfield from the point of view of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Binfield can be avoided if you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the buyers solicitors.
    • Many freeholders or Management Companies in Binfield charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Binfield.
  • If you have carried out any alterations to the residence would they have required Landlord’s permission? In particular have you installed wooden flooring? Binfield leases often stipulate that internal structural alterations or installing wooden flooring require a licence from the Landlord approving such alterations. Should you fail to have the paperwork in place do not contact the landlord without contacting your lawyer in the first instance.
  • A minority of Binfield leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be warry about purchasing a flat where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to present the dispute as historic rather than unresolved.

  • What are the frequently found defects that you see in leases for Binfield properties?

    Leasehold conveyancing in Binfield is not unique. All leases are individual and drafting errors can result in certain sections are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the building
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You could encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Skipton Building Society, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.

    I acquired a split level flat in Binfield, conveyancing was carried out 2012. Can you work out an approximate cost of a lease extension? Comparable properties in Binfield with an extended lease are worth £191,000. The ground rent is £50 invoiced every year. The lease ceases on 21st October 2080

    With just 56 years unexpired we estimate the premium for your lease extension to be between £23,800 and £27,400 as well as legals.

    The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Binfield