Experts for Leasehold Conveyancing in Blakeney

When it comes to leasehold conveyancing in Blakeney, you will need to instruct a conveyancing solicitor with leasehold experience. Whether your mortgage company is to be Santander, RBS or Bradford & Bingley be sure to choose a lawyer on their approved list. Find a Blakeney conveyancing lawyer with our search tool

Sample questions relating to Blakeney leasehold conveyancing

I have just appointed agents to market my ground floor apartment in Blakeney.Conveyancing has not commenced but I have just received a yearly maintenance charge invoice – what should I do?

It best that you discharge the invoice 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. Having a clear account will assist your cause and will leave you no worse off financially.

I today plan to offer on a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have since discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Blakeney. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Blakeney ?

The majority of houses in Blakeney are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Blakeney so you should seriously consider shopping around for a Blakeney conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your solicitor will advise you fully on all the issues.

I am looking at a couple of maisonettes in Blakeney both have in the region of forty five years left on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Blakeney is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. For most purchasers and banks, leases with under eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Blakeney conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Do you have any top tips for leasehold conveyancing in Blakeney from the point of view of saving time on the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Blakeney can be reduced where you instruct lawyers the minute you market your property and request that they start to collate the leasehold information needed by the purchasers’ conveyancers.
  • Many freeholders or managing agents in Blakeney levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Blakeney.
  • If you have carried out any alterations to the property would they have required Landlord’s permission? In particular have you installed wooden flooring? Most leases in Blakeney state that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord acquiescing to such works. If you fail to have the approvals in place do not contact the landlord without contacting your lawyer in the first instance.
  • If you are supposed to have a share 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 process and frustrates many a Blakeney home move. Where a new share certificate is necessary, you should approach the company officers or managing agents (if 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 double-check via your lawyers. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. It is therefore important 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.

  • All being well we will complete the disposal of our £300000 flat in Blakeney on Monday in a week. The landlords agents has quoted £324 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Blakeney?

    For most leasehold sales in Blakeney conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

    • Completing pre-contract questions
    • Where consent is required before sale in Blakeney
    • Supplying insurance information
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Blakeney leasehold premises is £350. For Blakeney 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 required to supply the information.

    I inherited a studio flat in Blakeney, conveyancing having been completed 3 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Blakeney with over 90 years remaining are worth £173,000. The ground rent is £60 charged once a year. The lease comes to an end on 21st October 2096

    With 74 years left to run the likely cost is going to span between £9,500 and £11,000 as well as costs.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed 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 you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Blakeney