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Questions and Answers: Castle Bromwich leasehold conveyancing

Back In 2002, I bought a leasehold house in Castle Bromwich. Conveyancing and Platform Home Loans Ltd mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Castle Bromwich who previously acted has long since retired.What should I do?

First contact HMLR to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Castle Bromwich conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a couple of flats in Castle Bromwich both have in the region of 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Castle Bromwich is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. The majority of buyers and lenders, leases with less than 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 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 premises 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 Castle Bromwich 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 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.

Can you offer any advice when it comes to choosing a Castle Bromwich conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a solicitor for lease extension works (regardless if they are a Castle Bromwich conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Castle Bromwich conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

  • If the firm is not ALEP accredited then what is the reason?
  • How many lease extensions have they carried out in Castle Bromwich in the last year?

    • Do you have any top tips for leasehold conveyancing in Castle Bromwich from the perspective of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Castle Bromwich can be bypassed if you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold information which will be required by the purchasers’ representatives.
    • Many freeholders or managing agents in Castle Bromwich charge for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack sought 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 frequent cause of delay in leasehold conveyancing in Castle Bromwich.
  • In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Castle Bromwich state that internal structural alterations or addition of wooden flooring necessitate a licence from the Landlord acquiescing to such works. Where you fail to have the consents to hand do not communicate with the landlord without checking with your lawyer before hand.
  • If you are supposed to have a share in the freehold, you should ensure that you hold the original share document. Obtaining a re-issued share certificate is often a time consuming process and slows down many a Castle Bromwich conveyancing transaction. Where a reissued share certificate is necessary, do contact the company officers or managing agents (where applicable) for this as soon as possible.
  • You believe that you know the number of years remaining on your lease but you should verify this by asking your solicitors. A buyer’s lawyer will be unlikely to recommend their client to where the remaining number of years is below 75 years. It is therefore important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • What makes a Castle Bromwich lease unacceptable for security purposes?

    Leasehold conveyancing in Castle Bromwich is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the building
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Chelsea Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.

    I inherited a studio flat in Castle Bromwich, conveyancing having been completed 2005. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Castle Bromwich with a long lease are worth £218,000. The ground rent is £65 yearly. The lease expires on 21st October 2080

    With just 56 years left to run we estimate the price of your lease extension to be between £26,600 and £30,800 plus costs.

    The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Castle Bromwich