Fixed-fee leasehold conveyancing in Blandfordum:

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While any conveyancing solicitor can theoretically handle your leasehold conveyancing in Blandfordum, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Blandfordum leasehold conveyancing Example Support Desk Enquiries

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

A lease governs the relationship between the freeholder and you the leaseholder; in particular, it will say if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Blandfordum do not prevent an absolute prevention of subletting – such a provision would adversely affect the market value the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.

Estate agents have just been given the go-ahead to market my basement flat in Blandfordum.Conveyancing lawyers have not yet been instructed but I have just had a yearly maintenance charge demand – Do I pay up?

It best that you 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 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 am attracted to a two maisonettes in Blandfordum which have approximately 50 years left on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Blandfordum is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the premises. The majority of purchasers and lenders, leases with less than eighty years become less and less attractive. 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 premises 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 Blandfordum 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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.

Can you provide any top tips for leasehold conveyancing in Blandfordum from the perspective of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Blandfordum can be reduced where you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the buyers lawyers.
  • The majority landlords or managing agents in Blandfordum levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Blandfordum.
  • A minority of Blandfordum leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly 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 hold a share in a the freehold, you should make sure that you have the original share document. Organising a re-issued share certificate can be a time consuming formality and slows down many a Blandfordum conveyancing transaction. Where a new share is needed, you should approach the company officers or managing agents (if applicable) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but you should verify this via your lawyers. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if 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 for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • All being well we will complete the sale of our £125000 maisonette in Blandfordum next Thursday . The freeholder has quoted £408 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Blandfordum?

    Blandfordum conveyancing on leasehold apartments often requires the buyer’s conveyancer submitting questions for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries the majority will be content to assist. They may levy a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The administration charge levied by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration fees, without which the charge is technically not due. Reality however dictates that you have little choice but to pay whatever is requested of you if you want to sell the property.

    I purchased a garden flat in Blandfordum, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Blandfordum with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2092

    With only 67 years left to run the likely cost is going to be between £10,500 and £12,000 as well as professional fees.

    The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Blandfordum