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Common questions relating to Clifton Village leasehold conveyancing

I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have subsequently been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Clifton Village. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Clifton Village ?

The majority of houses in Clifton Village are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Clifton Village so you should seriously consider looking for a Clifton Village conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’spermission to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your lawyer should advise you fully on all the issues.

I am tempted by the attractive purchase price for a couple of maisonettes in Clifton Village which have about fifty years left on the lease term. should I be concerned?

There are plenty of short leases in Clifton Village. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the saleability of the lease deteriorate and it becomes more expensive to extend the lease. For this reason it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this arena

I work for a reputable estate agent office in Clifton Village where we have witnessed a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Clifton Village conveyancing firms. Could you shed some light as to whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having 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 purchaser.

Do you have any advice for leasehold conveyancing in Clifton Village with the purpose of speeding up the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Clifton Village can be avoided where you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the buyers solicitors.
  • Many landlords or managing agents in Clifton Village 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 pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Clifton Village.
  • A minority of Clifton Village leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The 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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If you hold a share in a the freehold, you should make sure that you hold the original share document. Arranging a new share certificate can be a lengthy formality and slows down many a Clifton Village home move. If a new share certificate is necessary, do contact the company officers or managing agents (where relevant) for this sooner rather than later.
  • You believe that you know the number of years remaining on your lease but it would be advisable double-check by asking your solicitors. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is under 80 years. In the circumstances it is important at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • What are the common problems that you witness in leases for Clifton Village properties?

    Leasehold conveyancing in Clifton Village is not unique. All leases are individual and drafting errors can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the premises
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Virgin Money, and Godiva Mortgages Ltd all have express conveyancing instructions 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, obliging the purchaser to pull out.

    Clifton Village Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing

      Its a good idea to find out as much as you can regarding the company managing the block as they will either make your life much simpler or problematic. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to every day matters such as the upkeep of the common parts. Enquire of prospective neighbours whether they are happy with their service. In conclusion, investigate as to the dates that you are obliged pay the service charge to the relevant party and specifically what you get for your money. Is anyone aware of any major works in the near future that could add a premium to the maintenance fees? Make sure you discover if there is anything that is prohibited in the lease. For instance it is very common in Clifton Village leases that pets are not allowed in in a block in Clifton Village. If you like the propertyin Clifton Village however your cat can’t move with you then you have a very hard choice.

    Other Topics

    Lease Extensions in Clifton Village