Fixed-fee leasehold conveyancing in Burbage:

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Examples of recent questions relating to leasehold conveyancing in Burbage

Having had my offer accepted I require leasehold conveyancing in Burbage. Before I set the wheels in motion I would like to find out the unexpired term of the lease.

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

Estate agents have just been given the go-ahead to market my basement flat in Burbage.Conveyancing is yet to be initiated but I have just received a yearly service charge demand – what should I do?

The sensible thing to do is clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I am attracted to a couple of maisonettes in Burbage both have approximately forty five years remaining on the lease term. Will this present a problem?

There is no doubt about it. A leasehold apartment in Burbage 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 salability of the premises. For most purchasers and lenders, leases with less than eighty 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 Burbage 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 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.

What are your top tips when it comes to appointing a Burbage conveyancing practice to carry out our lease extension conveyancing?

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

  • How experienced is the practice with lease extension legislation?
  • If the firm is not ALEP accredited then why not?

    • Do you have any top tips for leasehold conveyancing in Burbage from the point of view of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Burbage can be reduced where you appoint lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the buyers representatives.
    • The majority freeholders or Management Companies in Burbage charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Burbage.
  • A minority of Burbage leases require Landlord’s consent to the sale and approval of the buyers. 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. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly 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 buyers or their lawyers.
  • 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 marketed. The purchasers 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 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 reveal the dispute as historic as opposed to unresolved.
  • You believe that you know the number of years remaining on your lease but you should double-check by asking your lawyers. A purchaser's lawyer will not be happy to advise their client to where the lease term is below 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • Burbage Leasehold Conveyancing - Examples of Queries before buying

      How much is the ground rent and service charge? If a Burbage lease has no more than 80 years it will impact the value of the apartment. Check with your mortgage company that they are willing to to proceed given the lease term. A short lease means that you will probably have to extend the lease at some point and you need to have some idea of how much this would cost. Remember, in most cases you would be be obliged to have owned the residence for a couple of years before you are legally able to extend the lease. Best to be warned whether window replacement or some other major work is due shortly to be shared amongst the leaseholders and may well materially impact the level of the maintenance costs or result in a one time invoice.

    Other Topics

    Lease Extensions in Burbage