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Frequently asked questions relating to Ferryside leasehold conveyancing

I am in need of some leasehold conveyancing in Ferryside. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.

Assuming the lease is registered - and most 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 appointed agents to market my ground floor flat in Ferryside.Conveyancing lawyers have not yet been instructed but I have just received a quarterly service charge invoice – what should I do?

The sensible thing to do is clear the invoice 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 managing agents 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 today plan to offer on a house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since been informed that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Ferryside. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

Most houses in Ferryside are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Ferryside so you should seriously consider shopping around for a Ferryside conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to carry out alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your lawyer will report to you on the legal implications.

I am a negotiator for a reputable estate agency in Ferryside where we have experienced a few flat sales jeopardised as a result of short leases. I have been given contradictory information from local Ferryside conveyancing firms. Can you shed some light as to whether the owner of a flat can start the lease extension formalities for the buyer?

Provided that 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 sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord 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.

Do you have any top tips for leasehold conveyancing in Ferryside with the purpose of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Ferryside can be bypassed where you instruct lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the buyers conveyancers.
  • The majority freeholders or Management Companies in Ferryside charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Ferryside.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Ferryside state that internal structural changes or installing wooden flooring necessitate a licence from the Landlord consenting to such alterations. Should you fail to have the approvals to hand do not contact the landlord without checking with your solicitor first.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are resolved before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a flat 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 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 reveal the dispute as over rather than unresolved.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable verify this by asking your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. In the circumstances it is essential at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

  • I purchased a 2 bed flat in Ferryside, conveyancing was carried out in 2006. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Ferryside with over 90 years remaining are worth £196,000. The average or mid-range amount of ground rent is £55 yearly. The lease ends on 21st October 2076

    You have 54 years unexpired we estimate the premium for your lease extension to range between £27,600 and £31,800 as well as costs.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Ferryside