Leasehold Conveyancing in East Hunsbury - Get a Quote from the leasehold experts approved by your lender

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East Hunsbury leasehold conveyancing: Q and A’s

I am on look out for some leasehold conveyancing in East Hunsbury. Before diving in I want to be sure as to the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and most are in East Hunsbury - then the leasehold title will always include the basic details 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 tempted by the attractive purchase price for a two flats in East Hunsbury both have about 50 years remaining on the lease term. Will this present a problem?

There are plenty of short leases in East Hunsbury. The lease is a right to use the property for a prescribed time frame. As a lease shortens the value of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field

I am employed by a reputable estate agency in East Hunsbury where we have witnessed a few flat sales put at risk as a result of short leases. I have received contradictory information from local East Hunsbury conveyancing firms. Can you clarify whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?

Provided that the seller has owned the lease 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. The benefit of this is that the proposed purchaser 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 at the same time as completion of the disposal of the property.

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 buyer.

What advice can you give us when it comes to appointing a East Hunsbury conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a solicitor for your lease extension (regardless if they are a East Hunsbury conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non East Hunsbury conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:

  • If the firm is not ALEP accredited then what is the reason?
  • What are the costs for lease extension work?

    • Do you have any top tips for leasehold conveyancing in East Hunsbury from the perspective of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in East Hunsbury can be avoided if you appoint lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the buyers representatives.
    • The majority freeholders or Management Companies in East Hunsbury levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in East Hunsbury.
  • If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in East Hunsbury state that internal structural alterations or addition of wooden flooring necessitate a licence issued by the Landlord acquiescing to such changes. If you fail to have the approvals to hand do not contact the landlord without contacting your lawyer first.
  • A minority of East Hunsbury leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If you have had any disputes with your landlord or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be warry about purchasing a property where a dispute is ongoing. You may need to swallow your pride and discharge 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 details of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to ongoing.

    • I invested in buying a studio flat in East Hunsbury, conveyancing formalities finalised in 2002. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in East Hunsbury with an extended lease are worth £230,000. The ground rent is £65 yearly. The lease ceases on 21st October 2081

    With only 55 years left to run the likely cost is going to be between £27,600 and £31,800 plus plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in East Hunsbury