I am in need of some leasehold conveyancing in Castle Bromwich. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and most are in Castle Bromwich - then the leasehold title will always include the short particulars 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 work for a busy estate agent office in Castle Bromwich where we have witnessed a few flat sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Castle Bromwich conveyancing firms. Can you clarify whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?

Provided that 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 sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

An alternative approach is to extend the lease informally by agreement with the landlord 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 buyer.

Can you provide any top tips for leasehold conveyancing in Castle Bromwich from the perspective of speeding up the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Castle Bromwich can be reduced if you get in touch lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the buyers lawyers.
• If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you installed wooden flooring? Castle Bromwich leases often stipulate that internal structural alterations or addition of wooden flooring necessitate a licence issued by the Landlord approving such changes. Where you dont have the consents in place do not contact the landlord without contacting your solicitor before hand.

Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £375000 flat in Castle Bromwich in nine days. The management company has quoted £348 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Castle Bromwich?

Castle Bromwich conveyancing on leasehold maisonettes often necessitates the purchaser’s lawyer sending enquiries for the landlord to answer. Although the landlord is not legally bound to address such questions the majority will be willing to assist. They are entitled levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some situations it exceeds £800. The administration charge required by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, without which the invoice is technically not due. In reality you have no option but to pay whatever is requested of you should you wish to complete the sale of your home.

What makes a Castle Bromwich lease unacceptable for security purposes?

There is nothing unique about leasehold conveyancing in Castle Bromwich. All leases is drafted differently and drafting errors can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the premises
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

You may have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Skipton Building Society, and TSB all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.

I inherited a basement flat in Castle Bromwich, conveyancing formalities finalised 2006. Can you work out an approximate cost of a lease extension? Corresponding flats in Castle Bromwich with a long lease are worth £240,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease expires on 21st October 2081

With 57 years left to run we estimate the price of your lease extension to range between £29,500 and £34,000 plus legals.

The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.

Other Topics

Lease Extensions in Castle Bromwich