Guaranteed fixed fees for Leasehold Conveyancing in Duxford

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Duxford leasehold conveyancing Example Support Desk Enquiries

I am on look out for some leasehold conveyancing in Duxford. Before I get started I want to be sure as to the unexpired term of the lease.

Assuming the lease is registered - and most are in Duxford - 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 am a negotiator for a long established estate agent office in Duxford where we have witnessed a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Duxford conveyancing firms. Can you confirm whether the owner of a flat can initiate 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 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 has to be done prior to, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible 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 advice for leasehold conveyancing in Duxford from the point of view of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Duxford can be avoided where you get in touch lawyers the minute your agents start advertising the property and ask them to put together the leasehold information which will be required by the buyers lawyers.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Duxford state that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord consenting to such alterations. If you fail to have the approvals in place you should not contact the landlord without contacting your lawyer before hand.
  • Some Duxford leases require Licence to Assign from the landlord. 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 will need to confirm that the buyers are able to meet the yearly 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are settled before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and pay 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 prior to 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 unresolved.
  • If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share document. Arranging a duplicate share certificate can be a time consuming process and slows down many a Duxford home move. If a duplicate share is required, you should approach the company director and secretary or managing agents (if relevant) for this sooner rather than later.

  • We expect to complete the disposal of our £275000 maisonette in Duxford in 5 days. The landlords agents has quoted £324 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Duxford?

    Duxford conveyancing on leasehold apartments usually necessitates the buyer’s solicitor sending questions for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries most will be willing to assist. They are at liberty charge a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some cases it is above £800. The management information fee demanded by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration fees, without which the invoice is technically not due. In reality one has no choice but to pay whatever is requested of you if you want to sell the property.

    What makes a Duxford lease unacceptable for security purposes?

    Leasehold conveyancing in Duxford is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain parts of the building
    • Insurance obligations
    • 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

    A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Norwich and Peterborough Building Society, and Platform Home Loans Ltd all have very detailed conveyancing instructions 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, forcing the purchaser to withdraw.

    I purchased a 1st floor flat in Duxford, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Similar flats in Duxford with an extended lease are worth £240,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease finishes on 21st October 2083

    With 61 years unexpired we estimate the price of your lease extension to range between £24,700 and £28,600 plus professional fees.

    The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Duxford