Guaranteed fixed fees for Leasehold Conveyancing in Breaston

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

Top Five Questions relating to Breaston leasehold conveyancing

My partner and I may need to let out our Breaston garden flat for a while due to a new job. We used a Breaston conveyancing practice in 2003 but they have closed and we did not think at the time seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?

A small minority of properties in Breaston do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience dictates 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 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 been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Breaston. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Breaston ?

The majority of houses in Breaston are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Breaston in which case you should be shopping around for a Breaston conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a tenant 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 alterations. You may also be required to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your solicitor should appraise you on the various issues.

I am tempted by the attractive purchase price for a two flats in Breaston both have in the region of fifty 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 Breaston is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of 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 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 Breaston 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 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.

Last month I purchased a leasehold flat in Breaston. Am I liable to pay service charges relating to a period prior to completion of my purchase?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Can you provide any top tips for leasehold conveyancing in Breaston with the intention of speeding up the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Breaston can be reduced where you appoint lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the purchasers’ lawyers.
  • In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Breaston leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord approving such changes. If you fail to have the consents in place do not contact the landlord without checking with your conveyancer before hand.
  • A minority of Breaston leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be warry about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to present the dispute as historic rather than unresolved.
  • If you hold a share in a the freehold, you should ensure that you hold the original share document. Obtaining a new share certificate is often a time consuming process and frustrates many a Breaston conveyancing transaction. If a new share certificate is necessary, do contact the company officers or managing agents (where relevant) for this as soon as possible.

    • I own a leasehold flat in Breaston, conveyancing was carried out 7 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Breaston with an extended lease are worth £225,000. The ground rent is £65 per annum. The lease runs out on 21st October 2090

    With only 65 years unexpired we estimate the price of your lease extension to range between £17,100 and £19,800 plus costs.

    The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Breaston