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

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Common questions relating to Fallowfield leasehold conveyancing

I've found a house that seems to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have since been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Fallowfield. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Fallowfield ?

Most houses in Fallowfield are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Fallowfield so you should seriously consider looking for a Fallowfield conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your solicitor will report to you on the legal implications.

Back In 2006, I bought a leasehold house in Fallowfield. Conveyancing and Chelsea 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 ground rent demand for rent dating back to 1998. The conveyancing solicitor in Fallowfield who previously acted has now retired.What should I do?

First contact the Land Registry to be sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to instruct a Fallowfield conveyancing firm 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 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a two maisonettes in Fallowfield which have approximately fifty years left on the leases. should I be concerned?

There are no two ways about it. A leasehold apartment in Fallowfield is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. For most buyers and banks, leases with under 75 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 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 property 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 Fallowfield conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 Fallowfield conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a conveyancer for lease extension works (regardless if they are a Fallowfield conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Fallowfield conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:

  • How familiar is the practice with lease extension legislation?
  • What volume of lease extensions have they conducted in Fallowfield in the last twenty four months?

    • Do you have any top tips for leasehold conveyancing in Fallowfield with the intention of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Fallowfield can be bypassed if you get in touch lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the buyers lawyers.
    • The majority landlords or Management Companies in Fallowfield 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 pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Fallowfield.
  • In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Fallowfield leases often stipulate that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord consenting to such alterations. Where you dont have the approvals in place you should not contact the landlord without contacting your lawyer in advance.
  • Some Fallowfield leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to 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 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 landlord or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be concerned about purchasing a property where a dispute is unresolved. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than ongoing.

    • Leasehold Conveyancing in Fallowfield - A selection of Queries before buying

      Can you inform me if there are any major works in the planning that will likely add a premium to the maintenance charges? What is the maintenance charge and ground rent on the flat? The prefered form of lease arrangement is where the freehold reversion is in the ownership of the leaseholders. In this arrangement the lessees have being in charge if their destiny and notwithstanding that a managing agent is usually employed where the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves.

    Other Topics

    Lease Extensions in Fallowfield