Guaranteed fixed fees for Leasehold Conveyancing in Easton

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Frequently asked questions relating to Easton leasehold conveyancing

Due to complete next month on a leasehold property in Easton. Conveyancing solicitors have said that they are sending me a report on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Easton should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Defining your rights in respect of the communal areas in the building.E.G., does the lease include a right of way over a path or hallways?
  • Does the lease prohibit wood flooring?
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a sinking fund?
  • Repair and maintenance of the flat
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required For a comprehensive list of information to be included in your report on your leasehold property in Easton please ask your conveyancer in ahead of your conveyancing in Easton

    • Back In 2004, I bought a leasehold flat in Easton. Conveyancing and Skipton Building Society mortgage are in place. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Easton who previously acted has now retired.Any advice?

    First make enquiries of HMLR to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Easton conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

    I am tempted by the attractive purchase price for a two flats in Easton both have in the region of fifty years remaining on the leases. Will this present a problem?

    There is no doubt about it. A leasehold apartment in Easton is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the marketability of the premises. The majority of buyers and banks, leases with under eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Easton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

    I work for a reputable estate agency in Easton where we have witnessed a few flat sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Easton conveyancing solicitors. Can you clarify whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?

    Provided that the seller has been the owner 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 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 has to be done before, 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.

    Do you have any top tips for leasehold conveyancing in Easton from the point of view of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Easton can be reduced if you appoint lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation needed by the buyers conveyancers.
    • The majority freeholders or managing agents in Easton levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have 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 Easton.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be nervous about purchasing a property where there is an ongoing dispute. You may need to swallow your pride and discharge 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 are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic as opposed to ongoing.
  • If you are supposed to have a share in the Management Company, you should ensure that you hold the original share certificate. Arranging a replacement share certificate is often a time consuming process and slows down many a Easton home move. If a reissued share certificate is required, you should approach the company officers or managing agents (if applicable) for this at the earliest opportunity.
  • You believe that you know the number of years remaining on your lease but it would be wise to verify this via your solicitors. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. In the circumstances it is important at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • Easton Leasehold Conveyancing - Sample of Queries before buying

      Please tell me if there are any major works in the planning that will likely increase the service charges? This question is useful as a) areas could result in problems for the block as the communal areas may begin to deteriorate if maintenance remain unpaid b) if the leaseholders have a dispute with the running of the building you will want to have all the details How many of the leaseholders are in arrears for their maintenance charge payments?

    Other Topics

    Lease Extensions in Easton