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Top Five Questions relating to Brampton leasehold conveyancing

I am in need of some leasehold conveyancing in Brampton. Before diving in I require certainty as to the number of years remaining on the lease.

If the lease is registered - and most are in Brampton - then the leasehold title will always include the basic details 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 want to rent out my leasehold apartment in Brampton. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?

Even though your previous Brampton conveyancing solicitor is no longer available you can check your lease to check if you are permitted to let out the premises. The rule is that if the lease is silent, subletting is allowed. There may be a precondition that you are obliged to seek consent via your landlord or some other party in advance of subletting. This means that you cannot sublet in the absence of prior permission. The consent must not not be unreasonably withheld. If your lease prohibits you from subletting the property you should ask your landlord for their consent.

I am looking at a two flats in Brampton both have approximately 50 years left on the lease term. Will this present a problem?

There are no two ways about it. A leasehold apartment in Brampton is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the property. For most buyers and lenders, leases with less than eighty years become less and less marketable. On a more positive 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 property 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 Brampton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.

What are your top tips when it comes to choosing a Brampton conveyancing practice to deal with our lease extension?

If you are instructing a conveyancer for lease extension works (regardless if they are a Brampton conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Brampton conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:

  • How experienced is the practice with lease extension legislation?
  • How many lease extensions has the firm conducted in Brampton in the last twenty four months?

  • If all goes to plan we aim to complete our sale of a £150000 apartment in Brampton next Monday . The landlords agents has quoted £324 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Brampton?

    Brampton conveyancing on leasehold maisonettes nine out of ten times results in fees being levied by managing agents :

    • Addressing pre-contract questions
    • Where consent is required before sale in Brampton
    • Copies of the building insurance and schedule
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Brampton leasehold property is £350. For Brampton 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 provide answers.

    I purchased a ground floor flat in Brampton, conveyancing formalities finalised in 2002. Can you work out an approximate cost of a lease extension? Similar flats in Brampton with a long lease are worth £191,000. The ground rent is £45 charged once a year. The lease runs out on 21st October 2074

    With only 50 years remaining on your lease we estimate the price of your lease extension to range between £32,300 and £37,400 plus plus your own and the landlord's "reasonable" professional fees.

    The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Brampton