Guaranteed fixed fees for Leasehold Conveyancing in Clarborough

Get a Quote

Require a conveyancing quote from a solicitor for leasehold conveyancing in Clarborough on your lender’s panel? Make use of our search tool to find approved local Clarborough conveyancing practitioners or national solicitors on your lender’s panel .

Questions and Answers: Clarborough leasehold conveyancing

I am on look out for some leasehold conveyancing in Clarborough. Before I get started I want to be sure as to the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and most are in Clarborough - 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.

Expecting to sign contracts shortly on a leasehold property in Clarborough. Conveyancing lawyers have said that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?

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

  • The total extent of the property. This will be the apartment itself but may incorporate a loft or basement if appropriate.
  • Setting out your rights in respect of common areas in the block.By way of example, does the lease permit a right of way over an accessway or staircase?
  • You should be told what constitutes a Nuisance in the lease
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Changes to the flat (alterations and additions)
  • 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
  • Responsibility for repairing the window frames For a comprehensive list of information to be contained in your report on your leasehold property in Clarborough please ask your conveyancer in advance of your conveyancing in Clarborough

    • I am employed by a reputable estate agency in Clarborough where we have experienced a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have received conflicting advice from local Clarborough conveyancing firms. Please can you shed some light as to 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.

    Alternatively, it may be possible 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.

    What advice can you give us when it comes to choosing a Clarborough conveyancing firm to deal with our lease extension?

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

    • How familiar is the practice with lease extension legislation?
  • What volume of lease extensions has the firm completed in Clarborough in the last 12 months?

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

    • A significant proportion of the frustration in leasehold conveyancing in Clarborough can be reduced where you appoint lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information needed by the buyers lawyers.
    • Many freeholders or managing agents in Clarborough levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Clarborough.
  • If you have had any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be warry about purchasing a flat where there is a current dispute. You may need to swallow your pride 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 purchasers, but it is better to reveal the dispute as over rather than unresolved.
  • If you are supposed to have a share in the Management Company, you should ensure that you have the original share document. Organising a re-issued share certificate can be a lengthy formality and slows down many a Clarborough conveyancing transaction. Where a reissued share is needed, do contact the company director and secretary or managing agents (if applicable) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check by asking your lawyers. A buyer’s lawyer will not be happy to advise their client to where the lease term is under 75 years. It is therefore important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • I invested in buying a 1 bedroom flat in Clarborough, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Clarborough with over 90 years remaining are worth £269,000. The average or mid-range amount of ground rent is £60 per annum. The lease terminates on 21st October 2102

    With 77 years left to run we estimate the price of your lease extension to span between £10,500 and £12,000 plus professional fees.

    The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Clarborough