Experts for Leasehold Conveyancing in Earls Barton

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Sample questions relating to Earls Barton leasehold conveyancing

I wish to sublet my leasehold flat in Earls Barton. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?

Even though your previous Earls Barton conveyancing solicitor is not available you can review your lease to see if you are permitted to let out the apartment. The rule is that if the deeds are non-specific, subletting is allowed. There may be a precondition that you must seek permission from your landlord or other appropriate person before subletting. The net result is that you cannot sublet without first obtaining consent. Such consent must not not be unreasonably withheld. If your lease prohibits you from subletting the property you should ask your landlord for their consent.

Estate agents have just been given the go-ahead to market my ground floor apartment in Earls Barton.Conveyancing has not commenced but I have just received a quarterly maintenance charge demand – Do I pay up?

It best that you pay 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 employed by a reputable estate agency in Earls Barton where we have witnessed a few leasehold sales jeopardised as a result of short leases. I have received conflicting advice from local Earls Barton conveyancing firms. Please can you confirm whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?

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 proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.

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 purchaser.

What are your top tips when it comes to appointing a Earls Barton conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a conveyancer for lease extension works (regardless if they are a Earls Barton conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Earls Barton conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:

  • If the firm is not ALEP accredited then what is the reason?
  • Can they put you in touch with client in Earls Barton who can give a testimonial?

    • Can you provide any top tips for leasehold conveyancing in Earls Barton with the aim of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Earls Barton can be bypassed if you instruct lawyers the minute you market your property and ask them to put together the leasehold information needed by the buyers representatives.
    • A minority of Earls Barton leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you have had any disputes with your landlord or managing agents it is essential that these are settled before the property is marketed. The buyers and their solicitors will be warry about purchasing a flat where a dispute is unsettled. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to completion of the sale. 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 over as opposed to unresolved.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you have the original share document. Organising a duplicate share certificate can be a time consuming process and slows down many a Earls Barton conveyancing deal. If a new share certificate is needed, do contact the company officers or managing agents (where relevant) for this as soon as possible.
  • You believe that you know the number of years remaining on your lease but it would be advisable double-check via your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is below 80 years. In the circumstances it is essential at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • I acquired a 1 bedroom flat in Earls Barton, conveyancing was carried out 2001. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Earls Barton with a long lease are worth £192,000. The average or mid-range amount of ground rent is £45 levied per year. The lease ends on 21st October 2089

    With just 63 years left to run we estimate the price of your lease extension to span between £17,100 and £19,800 as well as plus your own and the landlord's "reasonable" professional fees.

    The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Earls Barton