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

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Common questions relating to Binfield leasehold conveyancing

I've found a house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have just been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Binfield. Conveyancing lawyers have not yet been appointed. Will they explain the issues?

Most houses in Binfield are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Binfield in which case you should be looking 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. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’spermission to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer should advise you fully on all the issues.

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

When appointing a conveyancer for lease extension works (regardless if they are a Binfield conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Binfield conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

  • If they are not ALEP accredited then what is the reason?
  • What are the legal fees for lease extension conveyancing?

  • Can you provide any advice for leasehold conveyancing in Binfield from the perspective of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Binfield can be bypassed where you get in touch lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ lawyers.
    • If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Binfield state that internal structural changes or installing wooden flooring require a licence from the Landlord acquiescing to such changes. Should you fail to have the consents to hand do not contact the landlord without contacting your solicitor before hand.
  • Some Binfield leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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 actual amount of the service charge 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 settled before the property is marketed. The buyers and their solicitors will be reluctant to purchase 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 completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to unsettled.
  • If you hold a share in a the Management Company, you should make sure that you hold the original share certificate. Arranging a new share certificate is often a lengthy formality and slows down many a Binfield home move. Where a duplicate share is required, do contact the company officers or managing agents (where relevant) for this at the earliest opportunity.

  • Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £450000 flat in Binfield in nine days. The managing agents has quoted £324 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Binfield?

    Binfield conveyancing on leasehold apartments typically involves fees being raised by landlords agents :

    • Completing pre-exchange enquiries
    • Where consent is required before sale in Binfield
    • 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 lawyer will have no control over the level of the charges for this information but the average costs for the information for Binfield leasehold property is £350. For Binfield 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.

    Are there common defects that you see in leases for Binfield properties?

    There is nothing unique about leasehold conveyancing in Binfield. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements 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 have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Coventry Building Society, and Godiva Mortgages Ltd 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 does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.

    Binfield Leasehold Conveyancing - A selection of Queries Prior to buying

      Who manages the building? It would be prudent to investigate if there are any onerous prohibitions in the lease. By way of example some leases prohibit pets being permitted in in a block in Binfield. If you love the flatin Binfield however your dog is not allowed to move with you then you have a very difficult choice. Generally speaking the cost for major works are not built into the service charges, although some managing agents in Binfield ask leaseholders to contribute towards a sinking fund created for the specific intention of establishing a fund for larger works.

    Other Topics

    Lease Extensions in Binfield