Fixed-fee leasehold conveyancing in Cranbrook:

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Sample questions relating to Cranbrook leasehold conveyancing

I am in need of some leasehold conveyancing in Cranbrook. Before I get started I want to be sure as to the remaining lease term.

Assuming the lease is recorded at the land registry - and most are in Cranbrook - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I've found a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have since discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Cranbrook. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

The majority of houses in Cranbrook are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Cranbrook so you should seriously consider looking for a Cranbrook conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your solicitor should advise you fully on all the issues.

I am looking at a couple of flats in Cranbrook which have in the region of 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Cranbrook is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most purchasers and mortgage companies, leases with under 75 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 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 Cranbrook conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 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 busy estate agency in Cranbrook where we have witnessed a number of leasehold sales jeopardised due to short leases. I have received conflicting advice from local Cranbrook conveyancing firms. Could you shed some light as to whether the owner of a flat can instigate 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. This means 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 needs to be completed prior to, or simultaneously with completion of the sale.

An alternative approach is 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 buyer.

Can you provide any top tips for leasehold conveyancing in Cranbrook with the intention of speeding up the sale process?

  • Much of the frustration in leasehold conveyancing in Cranbrook can be reduced where you get in touch lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information which will be required by the purchasers’ representatives.
  • Many freeholders or managing agents in Cranbrook charge for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information 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 Cranbrook.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Cranbrook leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord acquiescing to such works. Where you fail to have the paperwork to hand you should not communicate with the landlord without checking with your solicitor before hand.
  • If you hold a share in a the freehold, you should ensure that you are holding the original share document. Organising a duplicate share certificate can be a time consuming process and frustrates many a Cranbrook home move. Where a duplicate share is needed, do contact the company director and secretary or managing agents (if 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 wise to verify this by asking your lawyers. A buyer’s lawyer will be unlikely to recommend their client to where the remaining number of years is under 80 years. It is therefore important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • Cranbrook Conveyancing for Leasehold Flats - Examples of Queries before buying

      Does the lease have in excess of 80 years unexpired? Who are the managing agents? Many Cranbrook leasehold properties will incur a service charge for the upkeep of the building levied by the landlord. Should you acquire the property you will have to meet this charge, usually periodically accross the year. This could differ from several hundred pounds to thousands of pounds for blocks with lifts and large common areas. In all probability there will be a rentcharge to be met annual, normally this is not a exorbitant amount, say about £25-£75 but you need to enquire it because sometimes it could be many hundreds of pounds.

    Other Topics

    Lease Extensions in Cranbrook