Fixed-fee leasehold conveyancing in Fakenham:

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When it comes to leasehold conveyancing in Fakenham, you will need to chose a conveyancing solicitor with leasehold experience. Whether your mortgage company is to be Santander, RBS or Nationwide make sure you choose a lawyer on their panel. Feel free to use our search tool

Fakenham leasehold conveyancing: Q and A’s

Harry (my fiance) and I may need to sub-let our Fakenham ground floor flat temporarily due to taking a sabbatical. We used a Fakenham conveyancing firm in 2002 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?

The lease dictates relations between the landlord and you the leaseholder; in particular, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Fakenham do not contain strict prohibition on subletting – such a provision would undoubtedly devalue the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.

Due to complete next month on a leasehold property in Fakenham. Conveyancing lawyers have said that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?

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

  • You should receive a copy of the lease
  • Defining your legal entitlements in respect of common areas in the block.For example, does the lease include a right of way over a path or staircase?
  • You need to be told what constitutes a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide. For details of the information to be included in your report on your leasehold property in Fakenham please ask your lawyer in advance of your conveyancing in Fakenham

    • I am hoping to put an offer on a small detached house that appears to be perfect, at a great figure which is making it more attractive. I have just been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Fakenham. Conveyancing lawyers have are about to be appointed. Will they explain the issues?

    The majority of houses in Fakenham are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Fakenham in which case you should be shopping around for a Fakenham conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your solicitor should appraise you on the various issues.

    I am looking at a couple of flats in Fakenham both have about forty five years unexpired on the leases. Do I need to be concerned?

    A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease reduces and it becomes more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field

    Can you provide any top tips for leasehold conveyancing in Fakenham from the point of view of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Fakenham can be reduced where you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the buyers representatives.
    • A minority of Fakenham leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, 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 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 solicitors.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is a current 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 ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to ongoing.
  • If you are supposed to have a share in the Management Company, you should make sure that you are holding the original share document. Organising a re-issued share certificate is often a lengthy process and delays many a Fakenham home move. Where a reissued share is necessary, you should approach the company director and secretary or managing agents (if relevant) for this sooner rather than later.
  • You believe that you know the number of years left on your lease but you should double-check via your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is under 80 years. In the circumstances it is essential at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • I inherited a leasehold flat in Fakenham, conveyancing was carried out in 1996. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Fakenham with a long lease are worth £264,000. The ground rent is £55 charged once a year. The lease expires on 21st October 2081

    With 56 years left to run we estimate the premium for your lease extension to be between £27,600 and £31,800 plus legals.

    The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Fakenham