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

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

Frequently asked questions relating to Coleford leasehold conveyancing

My husband and I may need to let out our Coleford 1st floor flat for a while due to taking a sabbatical. We used a Coleford conveyancing firm in 2003 but they have since shut and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?

Notwithstanding that your previous Coleford conveyancing solicitor is not around you can check your lease to check if you are permitted to let out the apartment. The rule is that if the deeds are silent, subletting is permitted. Quite often there is a prerequisite that you need to seek consent from your landlord or some other party before subletting. The net result is that you cannot sublet in the absence of first obtaining permission. The consent should not be unreasonably withheld. If your lease prohibits you from subletting the property you will need to ask your landlord for their consent.

I’m about to sell my garden flat in Coleford.Conveyancing is yet to be initiated but I have just had a half-yearly service charge invoice – what should I do?

It best that you pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have subsequently found out that the title is leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Coleford. Conveyancing solicitors have are about to be appointed. Will they explain the issues?

Most houses in Coleford are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Coleford in which case you should be shopping around for a Coleford conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your solicitor will advise you fully on all the issues.

I am looking at a couple of flats in Coleford both have in the region of 50 years remaining on the lease term. should I be concerned?

A lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this area

Can you provide any advice for leasehold conveyancing in Coleford with the purpose of expediting the sale process?

  • Much of the delay in leasehold conveyancing in Coleford can be avoided if you instruct lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ representatives.
  • Many landlords or managing agents in Coleford charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for on or before finding 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 Coleford.
  • If you have carried out any alterations to the residence would they have required Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Coleford state that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord approving such changes. Where you dont have the consents in place do not communicate with the landlord without checking with your lawyer in the first instance.
  • A minority of Coleford leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual 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 Management Company, you should make sure that you are holding the original share certificate. Obtaining a re-issued share certificate can be a time consuming process and delays many a Coleford conveyancing transaction. Where a duplicate share is necessary, you should approach the company officers or managing agents (where relevant) for this sooner rather than later.

    • I acquired a 1st floor flat in Coleford, conveyancing having been completed 1998. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Coleford with over 90 years remaining are worth £244,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease runs out on 21st October 2105

    With only 79 years unexpired the likely cost is going to be between £12,400 and £14,200 as well as costs.

    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 in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to 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 Coleford