Experts for Leasehold Conveyancing in Ferryside

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When it comes to leasehold conveyancing in Ferryside, you will need to appoint a conveyancing practitioner with leasehold experience. Whether your mortgage company is to be Clydesdale , RBS or Bradford & Bingley be sure to choose a lawyer on their panel. Find a Ferryside conveyancing lawyer with our search tool

Ferryside leasehold conveyancing Example Support Desk Enquiries

I am in need of some leasehold conveyancing in Ferryside. Before diving in I require certainty as to the remaining lease term.

If the lease is registered - and 99.9% are in Ferryside - 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 have just started marketing my 2 bed flat in Ferryside.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should discharge 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am looking at a two maisonettes in Ferryside which have approximately forty five years unexpired on the leases. should I be concerned?

There are no two ways about it. A leasehold flat in Ferryside 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 purchasers and mortgage companies, 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 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 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 Ferryside 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.

I am employed by a reputable estate agency in Ferryside where we see a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Ferryside conveyancing firms. Can you clarify whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence 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 to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.

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 buyer.

Can you provide any top tips for leasehold conveyancing in Ferryside with the intention of speeding up the sale process?

  • Much of the delay in leasehold conveyancing in Ferryside can be bypassed where you get in touch lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the purchasers’ solicitors.
  • In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Ferryside leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord acquiescing to such works. If you fail to have the approvals to hand you should not contact the landlord without checking with your solicitor in advance.
  • Some Ferryside leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice 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 there is a history of conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or settle 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 will still have to reveal particulars of the dispute to the buyers, but it is better to reveal the dispute as historic as opposed to unsettled.
  • If you hold a share in a the freehold, you should ensure that you hold the original share certificate. Organising a replacement share certificate can be a time consuming formality and slows down many a Ferryside home move. If a new share is required, do contact the company director and secretary or managing agents (where relevant) for this sooner rather than later.

    • I purchased a basement flat in Ferryside, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Ferryside with an extended lease are worth £172,000. The ground rent is £55 charged once a year. The lease terminates on 21st October 2102

    You have 77 years remaining on your lease we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as professional fees.

    The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Ferryside