Leasehold Conveyancing in Coleford - Get a Quote from the leasehold experts approved by your lender

While any conveyancing practice can theoretically handle your leasehold conveyancing in Coleford, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Coleford leasehold conveyancing Example Support Desk Enquiries

My partner and I may need to let out our Coleford basement flat for a while due to taking a sabbatical. We instructed a Coleford conveyancing practice in 2003 but they have closed and we did not have the foresight to get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?

Some leases for properties in Coleford do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.

I am looking at a couple of apartments in Coleford which have approximately 50 years left on the lease term. Will this present a problem?

There are no two ways about it. A leasehold apartment in Coleford is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most buyers and banks, leases with less than eighty years become less and less marketable. On a more positive 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 Coleford 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 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 the agreed 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.

Last month I purchased a leasehold flat in Coleford. Am I liable to pay service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I am employed by a long established estate agent office in Coleford where we see a few leasehold sales jeopardised as a result of short leases. I have been given contradictory information from local Coleford conveyancing firms. Can you clarify whether the vendor of a flat can initiate the lease extension formalities for the buyer?

As long as 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 buyer can avoid having to wait 2 years to extend their lease. 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 top tips for leasehold conveyancing in Coleford with the intention of saving time on the sale process?

  • Much of the frustration in leasehold conveyancing in Coleford can be reduced if you appoint lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
  • The majority freeholders or managing agents in Coleford charge for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Coleford.
  • If you have carried out any alterations to the property would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Coleford state that internal structural changes or addition of wooden flooring require a licence from the Landlord acquiescing to such alterations. Where you dont have the paperwork to hand do not contact the landlord without checking with your solicitor in the first instance.
  • If you have had conflict with your freeholder or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You will have to accept that you will have to pay any arrears of service charge or resolve 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 are still duty bound to disclose details of the dispute to the buyers, but it is better to reveal the dispute as historic as opposed to unsettled.
  • If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share document. Obtaining a duplicate share certificate is often a lengthy process and frustrates many a Coleford conveyancing deal. If a reissued share is required, do contact the company officers or managing agents (if applicable) for this sooner rather than later.

  • Leasehold Conveyancing in Coleford - Examples of Queries Prior to Purchasing

      For many Coleford leaseholds the outlay for major works are not included within service charges, albeit that a few managing agents in Coleford obliged tenants to contribute towards a reserve fund created for the specific purpose of establishing a fund for larger works. Who takes charge for maintaining and repairing the block? Does the lease have onerous restrictions?

    Other Topics

    Lease Extensions in Coleford