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

Any conveyancing practice can theoretically handle your leasehold conveyancing in Fairford, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Fairford leasehold conveyancing: Q and A’s

Estate agents have just been given the go-ahead to market my ground floor apartment in Fairford.Conveyancing solicitors are to be appointed soon but I have just received a quarterly maintenance charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I own a leasehold house in Fairford. Conveyancing and Nottingham Building Society mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Fairford who previously acted has long since retired.Do I pay?

First contact the Land Registry to be sure that this person is indeed the new freeholder. You do not need to incur the fees of a Fairford 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 legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a couple of flats in Fairford which have in the region of forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Fairford is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most purchasers and banks, leases with under eighty years become less and less attractive. 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 property 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 Fairford 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 any new 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.

What are your top tips when it comes to finding a Fairford conveyancing firm to carry out our lease extension conveyancing?

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

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

  • We expect to complete the sale of our £475000 apartment in Fairford next week. The managing agents has quoted £348 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Fairford?

    For the majority of leasehold sales in Fairford conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

    • Completing conveyancing due diligence questions
    • Where consent is required before sale in Fairford
    • Copies of the building insurance and schedule
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Fairford leasehold premises is £350. For Fairford conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to provide answers.

    Leasehold Conveyancing in Fairford - Examples of Queries Prior to buying

      The prefered form of lease arrangement is a share of the freehold. In this scenario the leaseholders benefit from control and even though a managing agent is often retained where it is bigger than a house conversion, the managing agent retained by the leaseholders. Does the lease have more than 82 years remaining? The answer will be useful as a) areas may cause problems in the building as the common areas may begin to deteriorate if maintenance remain unpaid b) if the leasehold owners have an issue with the managing agents you will want to have all the details

    Other Topics

    Lease Extensions in Fairford