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

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Examples of recent questions relating to leasehold conveyancing in Bishops Waltham

I want to sublet my leasehold flat in Bishops Waltham. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?

A lease dictates the relationship between the landlord and you the leaseholder; in particular, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Bishops Waltham do not prevent an absolute prevention of subletting – such a provision would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.

I have recently realised that I have 62 years left on my lease in Bishops Waltham. I am keen to extend my lease but my freeholder is absent. What should I do?

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 mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to prove that you or your lawyers have made all reasonable attempts to track down the freeholder. On the whole an enquiry agent may be useful to try and locate and to produce a report to be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Bishops Waltham.

I have just started marketing my 2 bed flat in Bishops Waltham.Conveyancing is yet to be initiated but I have just received a yearly service charge invoice – Do I pay up?

The sensible thing to do is discharge 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 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. This will smooth the conveyancing process.

Can you offer any advice when it comes to appointing a Bishops Waltham conveyancing practice to carry out our lease extension conveyancing?

When appointing a solicitor for lease extension works (regardless if they are a Bishops Waltham conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Bishops Waltham conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:

  • How familiar is the practice with lease extension legislation?
  • What are the legal fees for lease extension work?

    • Do you have any advice for leasehold conveyancing in Bishops Waltham with the intention of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Bishops Waltham can be bypassed where you instruct lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the purchasers’ solicitors.
    • The majority landlords or Management Companies in Bishops Waltham levy fees for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Bishops Waltham.
  • A minority of Bishops Waltham leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual 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 buyers or their lawyers.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share certificate. Arranging a new share certificate can be a lengthy formality and frustrates many a Bishops Waltham conveyancing deal. Where a new share certificate is necessary, do contact the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but it would be advisable verify this by asking your solicitors. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is below 80 years. It is therefore important at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • I own a split level flat in Bishops Waltham, conveyancing was carried out in 2011. Can you work out an approximate cost of a lease extension? Equivalent properties in Bishops Waltham with an extended lease are worth £195,000. The ground rent is £45 yearly. The lease ends on 21st October 2078

    With only 53 years left to run we estimate the premium for your lease extension to span between £33,300 and £38,400 plus costs.

    The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Bishops Waltham