Guaranteed fixed fees for Leasehold Conveyancing in East and West Horsley

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Any conveyancing solicitor can theoretically deal with your leasehold conveyancing in East and West Horsley, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Frequently asked questions relating to East and West Horsley leasehold conveyancing

I am attracted to a two flats in East and West Horsley both have in the region of forty five years remaining on the leases. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the value of the lease decreases and results in it becoming more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this field

I've recently bought a leasehold flat in East and West Horsley. Am I liable to pay service charges for periods before my ownership?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Can you offer any advice when it comes to finding a East and West Horsley conveyancing firm to carry out our lease extension conveyancing?

When appointing a solicitor for lease extension works (regardless if they are a East and West Horsley conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non East and West Horsley conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:

  • Can they put you in touch with client in East and West Horsley who can give a testimonial?
  • What are the charges for lease extension conveyancing?

    • Do you have any advice for leasehold conveyancing in East and West Horsley from the perspective of saving time on the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in East and West Horsley can be reduced where you instruct 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 buyers lawyers.
    • If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in East and West Horsley state that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord acquiescing to such works. If you fail to have the paperwork to hand do not contact the landlord without contacting your lawyer before hand.
  • Some East and West Horsley leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying 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 purchasers or their solicitors.
  • If you have the benefit of shareholding in the freehold, you should make sure that you have the original share certificate. Organising a replacement share certificate is often a lengthy process and frustrates many a East and West Horsley conveyancing transaction. Where a reissued share is needed, you should approach the company officers or managing agents (if applicable) for this as soon as possible.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check via your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is below 80 years. It is therefore essential 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.

    • If all goes to plan we aim to complete our sale of a £500000 garden flat in East and West Horsley next week. The managing agents has quoted £408 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in East and West Horsley?

    East and West Horsley conveyancing on leasehold flats more often than not requires the buyer’s solicitor submitting questions for the landlord to answer. Although the landlord is under no legal obligation to address such questions most will be content to do so. They are at liberty levy a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some situations it exceeds £800. The management information fee invoiced by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration fees, otherwise the invoice is not strictly payable. In reality you have no choice but to pay whatever is requested of you if you want to complete the sale of your home.

    I invested in buying a 2 bed flat in East and West Horsley, conveyancing formalities finalised in 2004. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in East and West Horsley with over 90 years remaining are worth £212,000. The ground rent is £60 yearly. The lease expires on 21st October 2087

    You have 62 years unexpired we estimate the price of your lease extension to range between £20,000 and £23,000 plus legals.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in East and West Horsley