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Felpham leasehold conveyancing: Q and A’s

I am hoping to exchange soon on a garden flat in Felpham. Conveyancing lawyers inform me that they will have a report out to me tomorrow. What should I be looking out for?

The report on title for your leasehold conveyancing in Felpham should include some of the following:

  • You should be sent a copy of the lease
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • Are you allowed to have a pet in the flat?
  • Does the lease prevent you from renting out the flat, or having a home office for business
  • Whether your lease has a provision for a sinking fund?
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? For a comprehensive list of information to be included in your report on your leasehold property in Felpham please enquire of your solicitor in ahead of your conveyancing in Felpham

    • I own a leasehold flat in Felpham. Conveyancing and Birmingham Midshires mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Felpham who previously acted has long since retired.What should I do?

    The first thing you should do is contact HMLR to make sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a Felpham conveyancing solicitor to do this as you can do this on the Land Registry website for £3. 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 am looking at a two flats in Felpham both have in the region of 50 years unexpired on the leases. Do I need to be concerned?

    There is no doubt about it. A leasehold apartment in Felpham is a wasting 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 property. For most buyers and lenders, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 a residence 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 Felpham 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 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 the agreed 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 advice can you give us when it comes to finding a Felpham conveyancing firm to carry out our lease extension conveyancing?

    When appointing a solicitor for your lease extension (regardless if they are a Felpham conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Felpham conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

    • If they are not ALEP accredited then why not?
  • Can they put you in touch with client in Felpham who can give a testimonial?

    • Can you provide any advice for leasehold conveyancing in Felpham from the point of view of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Felpham can be avoided where you appoint lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the purchasers’ representatives.
    • In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Felpham state that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord consenting to such alterations. Should you fail to have the consents in place you should not contact the landlord without contacting your solicitor in the first instance.
  • A minority of Felpham leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are able to meet 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you have the original share certificate. Arranging a replacement share certificate can be a time consuming formality and slows down many a Felpham conveyancing deal. Where a duplicate share certificate is required, do contact the company officers or managing agents (if relevant) for this at the earliest opportunity.
  • You believe that you know the number of years remaining on your lease but you should verify this by asking your lawyers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is under 80 years. In the circumstances it is essential at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • I own a 1st floor flat in Felpham, conveyancing formalities finalised in 1999. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Felpham with over 90 years remaining are worth £234,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease expires on 21st October 2088

    You have 63 years unexpired we estimate the premium for your lease extension to span between £20,000 and £23,000 plus costs.

    The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply 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 taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Felpham