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Recently asked questions relating to Binstead leasehold conveyancing

I have just appointed agents to market my 2 bed apartment in Binstead.Conveyancing solicitors are to be appointed soon but I have just had a quarterly service charge demand – should I leave it to the buyer to sort out?

The sensible thing to do is clear the service charge 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 unless 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. This will smooth the conveyancing process.

I am a negotiator for a long established estate agent office in Binstead where we have witnessed a few flat sales jeopardised due to short leases. I have received contradictory information from local Binstead conveyancing firms. Could you clarify whether the owner of a flat can start the lease extension process for the buyer?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.

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 buyer.

What advice can you give us when it comes to choosing a Binstead conveyancing firm to carry out our lease extension conveyancing?

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

  • How experienced is the practice with lease extension legislation?
  • Can they put you in touch with client in Binstead who can give a testimonial?

    • Can you provide any advice for leasehold conveyancing in Binstead from the perspective of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Binstead can be avoided where you appoint lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information needed by the purchasers’ lawyers.
    • In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Most leases in Binstead state that internal structural alterations or addition of wooden flooring necessitate a licence from the Landlord consenting to such works. Should you fail to have the approvals to hand do not communicate with the landlord without contacting your conveyancer in the first instance.
  • If there is a history of any disputes with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be concerned about purchasing a flat where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve 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 details of the dispute to the purchasers, but it is better to present the dispute as historic rather than unresolved.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you are holding the original share document. Obtaining a duplicate share certificate is often a time consuming formality and frustrates many a Binstead conveyancing deal. Where a new share certificate is required, do contact the company director and secretary or managing agents (where applicable) for this as soon as possible.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check by asking your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to where the remaining number of years is less than 80 years. It is therefore essential at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • If all goes to plan we aim to complete the sale of our £225000 flat in Binstead next week. The freeholder has quoted £372 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Binstead?

    Binstead conveyancing on leasehold flats normally requires the purchaser’s conveyancer sending enquiries for the landlord to answer. Although the landlord is not legally bound to answer these enquiries most will be content to assist. They are at liberty charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some cases it exceeds £800. The administration charge levied by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration fees, otherwise the charge is technically not due. Reality however dictates that you have little option but to pay whatever is requested of you should you wish to complete the sale of your home.

    I acquired a studio flat in Binstead, conveyancing formalities finalised in 2011. 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 properties in Binstead with over 90 years remaining are worth £180,000. The average or mid-range amount of ground rent is £55 levied per year. The lease expires on 21st October 2104

    With 79 years left to run we estimate the price of your lease extension to be between £10,500 and £12,000 plus professional fees.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Binstead