Experts for Leasehold Conveyancing in Cookham

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

Cookham leasehold conveyancing Example Support Desk Enquiries

I have just started marketing my 2 bed flat in Cookham.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly service charge demand – what should I do?

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

I am tempted by the attractive purchase price for a couple of apartments in Cookham both have in the region of fifty years left on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Cookham is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of buyers and banks, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 property 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 Cookham 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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.

I am employed by a reputable estate agency in Cookham where we have experienced a number of flat sales derailed due to short leases. I have received contradictory information from local Cookham conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can instigate the lease extension process for the buyer?

As long as the seller has owned the lease 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. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.

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.

Do you have any advice for leasehold conveyancing in Cookham with the aim of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Cookham can be reduced if you appoint lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the buyers conveyancers.
  • The majority freeholders or managing agents in Cookham levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for 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 reason for frustration in leasehold conveyancing in Cookham.
  • If you have had conflict with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to reveal the dispute as historic as opposed to unsettled.
  • If you hold a share in a the Management Company, you should make sure that you are holding the original share certificate. Arranging a new share certificate is often a lengthy formality and frustrates many a Cookham home move. Where a duplicate share is necessary, you should approach the company officers or managing agents (where relevant) for this at the earliest opportunity.
  • You may think that you are aware of the number of years left on your lease but it would be advisable verify this by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to where the lease term is below 75 years. In the circumstances it is important at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

  • When it comes to leasehold conveyancing in Cookham what are the most frequent lease problems?

    There is nothing unique about leasehold conveyancing in Cookham. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the building
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You will have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Barnsley Building Society, and TSB all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.

    Cookham Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to Purchasing

      What is the maintenance charge and ground rent on the flat? On the whole the cost for major works tend not to be wrapped into the service charges, albeit that there some managing agents in Cookham ask tenants to pay into a reserve fund created for the specific intention of establishing a fund for larger works. Plenty Cookham leasehold properties will incur a service bill for the upkeep of the building levied on behalf of the landlord. Where you acquire the apartment you will have to pay this contribution, normally quarterly throughout the year. This can differ from several hundred pounds to thousands of pounds for buildings with lifts and large common areas. In all likelihood there will be a ground rent to be met yearly, this is usually not a exorbitant sum, say approximately £50-£100 but you need to check it because occasionally it could be many hundreds of pounds.

    Other Topics

    Lease Extensions in Cookham