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Sample questions relating to Blackwood leasehold conveyancing

I am on look out for some leasehold conveyancing in Blackwood. Before I set the wheels in motion I require certainty as to the remaining lease term.

If the lease is registered - and most are in Blackwood - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I have recently realised that I have Fifty years left on my flat in Blackwood. I am keen to get lease extension but my landlord is can not be found. What should I do?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to demonstrate that you or your lawyers have made all reasonable attempts to find the lessor. In some cases an enquiry agent may be helpful to conduct investigations and prepare a report to be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a conveyancer both on investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Blackwood.

I work for a reputable estate agency in Blackwood where we have experienced a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have received contradictory information from local Blackwood conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?

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 sit tight for 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 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 purchaser.

Can you offer any advice when it comes to choosing a Blackwood conveyancing practice to carry out our lease extension conveyancing?

When appointing a conveyancer for your lease extension (regardless if they are a Blackwood conveyancing firm) it is imperative 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 Blackwood conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:

  • How experienced is the practice with lease extension legislation?
  • If the firm is not ALEP accredited then what is the reason?

    • Do you have any top tips for leasehold conveyancing in Blackwood with the aim of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Blackwood can be bypassed where you get in touch lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the purchasers’ lawyers.
    • The majority freeholders or Management Companies in Blackwood charge for supplying 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 as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Blackwood.
  • A minority of Blackwood leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet 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 there is a history of any disputes with your landlord or managing agents it is essential that these are settled before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You will have to accept that you will have to 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 details of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to unsettled.
  • You believe that you know the number of years left on your lease but you should verify this by asking your lawyers. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is under 75 years. In the circumstances it is important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • I bought a 1 bedroom flat in Blackwood, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Comparable properties in Blackwood with an extended lease are worth £200,000. The ground rent is £55 invoiced annually. The lease ends on 21st October 2103

    You have 79 years left to run the likely cost is going to range between £10,500 and £12,000 plus professional fees.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Blackwood