Fixed-fee leasehold conveyancing in Colwall:

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Recently asked questions relating to Colwall leasehold conveyancing

I have recently realised that I have Seventy years unexpired on my flat in Colwall. I now wish to get lease extension but my landlord is absent. What options are available to me?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to prove that you or your lawyers have made all reasonable attempts to find the lessor. On the whole an enquiry agent should be useful to carry out a search and to produce an expert document which can be used as evidence that the landlord can not be located. It is advisable to get professional help from a conveyancer both on investigating the landlord’s disappearance and the application to the County Court overseeing Colwall.

Estate agents have just been given the go-ahead to market my ground floor flat in Colwall.Conveyancing has not commenced but I have just had a quarterly service charge invoice – should I leave it to the buyer to sort out?

It best that you discharge 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 until 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. This will smooth the conveyancing process.

I am tempted by the attractive purchase price for a couple of apartments in Colwall which have approximately 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Colwall. The lease is a right to use the premises for a period of time. As a lease shortens the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to extend the lease term. It is often difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area

I work for a reputable estate agent office in Colwall where we see a number of flat sales jeopardised due to short leases. I have received conflicting advice from local Colwall conveyancing solicitors. Can you clarify whether the seller of a flat can initiate the lease extension process for the buyer?

Provided that the seller has owned the lease 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 need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.

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 buyer.

Can you provide any top tips for leasehold conveyancing in Colwall from the perspective of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Colwall can be bypassed where you get in touch lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information needed by the purchasers’ conveyancers.
  • Many freeholders or managing agents in Colwall levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Colwall.
  • If you have carried out any alterations to the residence would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Colwall state that internal structural changes or addition of wooden flooring require a licence issued by the Landlord acquiescing to such works. If you fail to have the consents in place you should not contact the landlord without checking with your solicitor in the first instance.
  • A minority of Colwall leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is able to meet 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 are supposed to have a share in the freehold, you should make sure that you are holding the original share certificate. Obtaining a new share certificate is often a lengthy formality and delays many a Colwall home move. Where a duplicate share is needed, you should approach the company officers or managing agents (where relevant) for this sooner rather than later.

    • I am the registered owner of a ground floor flat in Colwall, conveyancing was carried out 3 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Colwall with over 90 years remaining are worth £216,000. The ground rent is £50 invoiced every year. The lease ceases on 21st October 2098

    With 73 years unexpired we estimate the price of your lease extension to span between £9,500 and £11,000 plus costs.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Colwall