Experts for Leasehold Conveyancing in Binfield

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Binfield leasehold conveyancing Example Support Desk Enquiries

I would like to rent out my leasehold apartment in Binfield. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

A lease dictates the relationship between the freeholder and you the leaseholder; in particular, it will indicate if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Binfield do not prevent strict prohibition on subletting – such a provision would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.

I only have 62 years unexpired on my lease in Binfield. I need to get lease extension but my landlord is can not be found. What are my options?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. You will be obliged to prove that you or your lawyers have done all that could be expected to locate the landlord. On the whole an enquiry agent would be useful to try and locate and to produce an expert document to be used as proof that the landlord can not be located. It is wise to seek advice from a property lawyer both on proving the landlord’s absence and the application to the County Court overseeing Binfield.

I am employed by a long established 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. Please can you clarify whether the seller of a flat can instigate the lease extension formalities for the buyer?

Provided that the seller has owned the lease 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 proposed purchaser 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 disposal of the property.

An alternative approach is 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 purchaser.

Can you provide any advice for leasehold conveyancing in Binfield with the intention of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Binfield can be reduced where you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the buyers representatives.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Binfield leases often stipulate that internal structural alterations or addition of wooden flooring necessitate a licence issued by the Landlord approving such alterations. Should you fail to have the consents to hand you should not contact the landlord without contacting your lawyer first.
  • If you have had conflict with your landlord or managing agents it is essential that these are settled before the property is marketed. The buyers and their solicitors will be concerned about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and pay 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 will still have to reveal particulars of the dispute to the buyers, but it is better to reveal the dispute as historic rather than unsettled.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share certificate. Organising a new share certificate is often a lengthy process and delays many a Binfield conveyancing transaction. Where a new share is necessary, you should approach the company officers 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 it would be wise to verify this via your lawyers. A purchaser's conveyancer will not be happy to advise their client to where the lease term is under 75 years. In the circumstances it is essential at an early stage 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.

  • We expect to complete the sale of our £175000 garden flat in Binfield next week. The managing agents has quoted £348 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Binfield?

    Binfield conveyancing on leasehold maisonettes usually necessitates the buyer’s conveyancer submitting questions for the landlord to address. Although the landlord is not legally bound to address these enquiries most will be willing to assist. They may levy a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some transactions it exceeds £800. The management information fee levied by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, otherwise the invoice is not strictly payable. Reality however dictates that you have no option but to pay whatever is demanded if you want to exchange contracts with the buyer.

    I purchased a garden flat in Binfield, conveyancing was carried out in 2008. Can you work out an approximate cost of a lease extension? Similar flats in Binfield with a long lease are worth £230,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ceases on 21st October 2081

    With only 57 years left to run we estimate the premium for your lease extension to range between £30,400 and £35,200 as well as professional fees.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Binfield