Experts for Leasehold Conveyancing in Blythe Bridge

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Any conveyancing practice can theoretically handle your leasehold conveyancing in Blythe Bridge, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Blythe Bridge leasehold conveyancing: Q and A’s

I am in need of some leasehold conveyancing in Blythe Bridge. Before I get started I want to be sure as to the remaining lease term.

Assuming the lease is recorded at the land registry - and almost all are in Blythe Bridge - 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.

My fiance and I may need to sub-let our Blythe Bridge garden flat temporarily due to taking a sabbatical. We instructed a Blythe Bridge conveyancing firm in 2004 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease permits subletting. How do we find out?

A small minority of properties in Blythe Bridge do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.

I am tempted by the attractive purchase price for a two maisonettes in Blythe Bridge both have in the region of fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Blythe Bridge 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 value of the premises. For most purchasers and mortgage companies, leases with under 75 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 Blythe Bridge 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 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 advice for leasehold conveyancing in Blythe Bridge with the intention of speeding up the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Blythe Bridge can be bypassed if you appoint lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the buyers solicitors.
  • Many landlords or Management Companies in Blythe Bridge charge for providing management packs for a leasehold property. You or your lawyers should discover 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 receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Blythe Bridge.
  • Some Blythe Bridge leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is 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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may need to swallow your pride and 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 particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as over rather than ongoing.
  • 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 replacement share certificate can be a lengthy process and delays many a Blythe Bridge home move. If a reissued share is necessary, you should approach the company officers or managing agents (where applicable) for this as soon as possible.

    • If all goes to plan we aim to complete the disposal of our £250000 garden flat in Blythe Bridge in nine days. The managing agents has quoted £348 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Blythe Bridge?

    Blythe Bridge conveyancing on leasehold flats more often than not requires the buyer’s solicitor submitting questions for the landlord to address. Although the landlord is under no legal obligation to address these enquiries most will be willing to assist. They are entitled invoice a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The management information fee levied by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, without which the invoice is technically not due. In reality one has no option but to pay whatever is requested of you should you wish to complete the sale of your home.

    I inherited a 1 bedroom flat in Blythe Bridge, conveyancing was carried out 4 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Blythe Bridge with a long lease are worth £222,000. The ground rent is £55 invoiced annually. The lease expires on 21st October 2083

    You have 57 years left to run we estimate the premium for your lease extension to range between £23,800 and £27,400 as well as professional fees.

    The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Blythe Bridge