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Leasehold conveyancing in Bracebridge Heath is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Bracebridge Heath and next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Bracebridge Heath leasehold conveyancing: Q and A’s

There are only 68 years unexpired on my flat in Bracebridge Heath. I now want to get lease extension but my freeholder is missing. What should I do?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to demonstrate that you have made all reasonable attempts to find the freeholder. On the whole a specialist may be helpful to conduct investigations and prepare an expert document to be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Bracebridge Heath.

I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Bracebridge Heath. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?

Most houses in Bracebridge Heath are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Bracebridge Heath in which case you should be shopping around for a Bracebridge Heath conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’spermission to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your lawyer should report to you on the legal implications.

I am tempted by the attractive purchase price for a two flats in Bracebridge Heath both have approximately fifty years remaining on the leases. Will this present a problem?

A lease is a right to use the premises for a period of time. As the lease shortens the marketability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this field

I work for a busy estate agent office in Bracebridge Heath where we have experienced a number of flat sales put at risk as a result of short leases. I have been given inconsistent advice from local Bracebridge Heath conveyancing solicitors. Can you clarify whether the vendor of a flat can initiate the lease extension formalities for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have 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 simultaneously with completion of the sale.

An alternative approach is to agree the lease extension with the freeholder 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.

Do you have any advice for leasehold conveyancing in Bracebridge Heath with the aim of expediting the sale process?

  • Much of the frustration in leasehold conveyancing in Bracebridge Heath can be bypassed where you instruct lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the buyers conveyancers.
  • The majority freeholders or Management Companies in Bracebridge Heath charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Bracebridge Heath.
  • If you have carried out any alterations to the residence would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Bracebridge Heath state that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord consenting to such works. Where you dont have the approvals to hand do not communicate with the landlord without checking with your solicitor in advance.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is unresolved. You may have to bite the bullet 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 are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic rather than unsettled.
  • If you are supposed to have a share in the freehold, you should ensure that you are holding the original share document. Organising a new share certificate is often a time consuming formality and frustrates many a Bracebridge Heath home move. Where a new share is required, do contact the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.

    • I bought a 1st floor flat in Bracebridge Heath, conveyancing having been completed 1995. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Bracebridge Heath with an extended lease are worth £203,000. The ground rent is £50 invoiced annually. The lease finishes on 21st October 2085

    You have 60 years left to run we estimate the price of your lease extension to span between £20,900 and £24,200 as well as legals.

    The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional 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 before getting professional advice.

    Other Topics

    Lease Extensions in Bracebridge Heath