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

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When it comes to leasehold conveyancing in Ely, you will need to instruct a conveyancing practitioner with leasehold experience. Whether your lender is to be Santander, RBS or Bradford & Bingley make sure you choose a lawyer on their approved list. Find a Ely conveyancing lawyer with our search tool

Common questions relating to Ely leasehold conveyancing

Frank (my husband) and I may need to rent out our Ely 1st floor flat temporarily due to taking a sabbatical. We used a Ely conveyancing practice in 2004 but they have closed and we did not think at the time get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?

Some leases for properties in Ely do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.

I am looking at a two apartments in Ely which have in the region of forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the marketability of the lease deteriorate and it becomes more expensive to extend the lease. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this area

I work for a long established estate agent office in Ely where we see a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Ely conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can instigate 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. 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.

What advice can you give us when it comes to finding a Ely conveyancing practice to deal with our lease extension?

When appointing a solicitor for lease extension works (regardless if they are a Ely conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Ely conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:

  • If the firm is not ALEP accredited then why not?
  • Can they put you in touch with client in Ely who can give a testimonial?

    • Do you have any advice for leasehold conveyancing in Ely from the point of view of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Ely can be reduced where you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the purchasers’ representatives.
    • Many landlords or Management Companies in Ely levy fees for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Ely.
  • In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Ely leases often stipulate that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord approving such works. Where you dont have the consents to hand do not contact the landlord without checking with your conveyancer first.
  • Some Ely leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is 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 there is a history of conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be nervous about purchasing a flat where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or resolve 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 details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic rather than unsettled.

    • I acquired a 2 bed flat in Ely, conveyancing formalities finalised in 1998. How much will my lease extension cost? Comparable properties in Ely with a long lease are worth £182,000. The ground rent is £65 yearly. The lease terminates on 21st October 2099

    With just 74 years unexpired the likely cost is going to range between £8,600 and £9,800 plus professional fees.

    The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Ely