Fixed-fee leasehold conveyancing in East Preston:

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When it comes to leasehold conveyancing in East Preston, you will need to chose a conveyancing solicitor with leasehold experience. Whether your mortgage company is to be Lloyds, RBS or NatWest be sure to choose a lawyer on their approved list. Feel free to use our search tool

Questions and Answers: East Preston leasehold conveyancing

I am on look out for some leasehold conveyancing in East Preston. Before diving in I require certainty as to the remaining lease term.

Assuming the lease is recorded at the land registry - and most are in East Preston - 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 today plan to offer on a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have subsequently discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in East Preston. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in East Preston ?

The majority of houses in East Preston are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in East Preston so you should seriously consider looking for a East Preston conveyancing solicitor and check that they are used to transacting on 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 to the property. The lease will likely included provisions such as requiring the freeholder’spermission to conduct alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your solicitor should advise you fully on all the issues.

I work for a long established estate agency in East Preston where we have witnessed a few flat sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local East Preston conveyancing firms. Can you shed some light as to whether the owner of a flat can start 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 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 wait 2 years to extend their lease. 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 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.

Can you offer any advice when it comes to appointing a East Preston conveyancing firm to carry out our lease extension conveyancing?

When appointing a conveyancer for lease extension works (regardless if they are a East Preston conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non East Preston conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

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

    • Can you provide any top tips for leasehold conveyancing in East Preston from the point of view of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in East Preston can be reduced where you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the buyers lawyers.
    • Many landlords or managing agents in East Preston levy fees for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. 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 obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in East Preston.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Most leases in East Preston state that internal structural alterations or installing wooden flooring require a licence issued by the Landlord acquiescing to such changes. If you fail to have the paperwork to hand do not communicate with the landlord without contacting your solicitor in the first instance.
  • If there is a history of any disputes with your landlord or managing agents it is essential that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be concerned about purchasing a property where there is an ongoing dispute. You may need to swallow your pride and 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 are still duty bound to disclose particulars of the dispute to the buyers, but it is better to reveal the dispute as over rather than ongoing.
  • You may think that you are aware of the number of years remaining on your lease but you should verify this via your lawyers. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is below 75 years. It is therefore essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • I am the registered owner of a split level flat in East Preston, conveyancing formalities finalised 1999. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in East Preston with a long lease are worth £233,000. The ground rent is £65 per annum. The lease ends on 21st October 2081

    With only 56 years remaining on your lease we estimate the price of your lease extension to range between £29,500 and £34,000 plus costs.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in East Preston