Guaranteed fixed fees for Leasehold Conveyancing in Ely

Leasehold conveyancing in Ely is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Ely and throughout next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Recently asked questions relating to Ely leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Ely. Before I set the wheels in motion I would like to find out the remaining lease term.

Assuming the lease is registered - and almost all are in Ely - 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 own a leasehold flat in Ely. Conveyancing and Santander mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing solicitor in Ely who previously acted has now retired.What should I do?

The first thing you should do is contact the Land Registry to make sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to instruct a Ely conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

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

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. Strange as it may seem, 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).

I am a negotiator for a reputable estate agency in Ely where we see a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Ely conveyancing firms. Please can you shed some light as to whether the owner of a flat can instigate the lease extension formalities for the buyer?

As long as the seller has owned the lease 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 buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.

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.

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

  • A significant proportion of the delay in leasehold conveyancing in Ely can be bypassed if you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation needed by the purchasers’ conveyancers.
  • Some Ely leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying 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 purchasers or their lawyers.
  • If you have had conflict with your landlord or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be nervous about purchasing a property where a dispute is unsettled. You may have to bite the bullet and discharge 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 better to reveal the dispute as historic rather than ongoing.
  • If you hold a share in a the freehold, you should make sure that you hold the original share document. Arranging a replacement share certificate is often a lengthy process and frustrates many a Ely home move. Where a duplicate share is required, do contact the company officers or managing agents (where applicable) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable verify this via your solicitors. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

  • I bought a ground floor flat in Ely, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Ely with an extended lease are worth £229,000. The ground rent is £55 invoiced every year. The lease ends on 21st October 2098

    With only 74 years left to run we estimate the price of your lease extension to span between £10,500 and £12,000 plus costs.

    The figure 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 this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Ely