Fixed-fee leasehold conveyancing in Broseley:

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Recently asked questions relating to Broseley leasehold conveyancing

Due to sign contracts shortly on a studio apartment in Broseley. Conveyancing solicitors have said that they report fully on Monday. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Broseley should include some of the following:

  • Does the lease prohibit wood flooring?
  • Whether your lease has a provision for a sinking fund?
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What you can do if a neighbour breach a clause of their lease? For details of the information to be contained in your report on your leasehold property in Broseley please enquire of your solicitor in advance of your conveyancing in Broseley

    • I own a leasehold flat in Broseley. Conveyancing and Nottingham Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Broseley who acted for me is not around.Any advice?

    The first thing you should do is make enquiries of HMLR to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Broseley conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

    I am looking at a two flats in Broseley both have in the region of 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?

    There are plenty of short leases in Broseley. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area

    I work for a long established estate agent office in Broseley where we have witnessed a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Broseley conveyancing solicitors. Can you clarify whether the owner of a flat can initiate the lease extension process for the buyer?

    As long as the seller has been the owner 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. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.

    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.

    Can you provide any advice for leasehold conveyancing in Broseley with the purpose of speeding up the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Broseley 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.
    • Many freeholders or managing agents in Broseley charge for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Broseley.
  • A minority of Broseley leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are 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 you have the benefit of shareholding in the Management Company, you should ensure that you hold the original share certificate. Arranging a replacement share certificate is often a time consuming process and delays many a Broseley home move. If a duplicate share is necessary, you should approach the company officers or managing agents (where relevant) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable verify this by asking 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 below 80 years. It is therefore important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • I invested in buying a 1 bedroom flat in Broseley, conveyancing formalities finalised 1997. Can you work out an approximate cost of a lease extension? Comparable properties in Broseley with over 90 years remaining are worth £180,000. The ground rent is £45 invoiced annually. The lease ends on 21st October 2101

    With only 76 years unexpired the likely cost is going to be between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" professional fees.

    The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Broseley