Guaranteed fixed fees for Leasehold Conveyancing in Ferryside

While any conveyancing practice can theoretically handle your leasehold conveyancing in Ferryside, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Ferryside leasehold conveyancing: Q and A’s

Having had my offer accepted I require leasehold conveyancing in Ferryside. Before I set the wheels in motion I would like to find out the number of years remaining on 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’m about to sell my 2 bed flat in Ferryside.Conveyancing lawyers have not yet been instructed but I have just received a quarterly service charge demand – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should clear 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've found a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have since discovered that it's a leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Ferryside. Conveyancing advisers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Ferryside ?

Most houses in Ferryside are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Ferryside in which case you should be shopping around for a Ferryside conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your solicitor will report to you on the legal implications.

Can you offer any advice when it comes to finding a Ferryside conveyancing practice to deal with our lease extension?

When appointing a conveyancer for lease extension works (regardless if they are a Ferryside conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Ferryside conveyancing practices before you 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?
  • Can they put you in touch with client in Ferryside who can give a testimonial?

  • Do you have any advice 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 get in touch lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation which will be required by the buyers representatives.
    • Many landlords or managing agents in Ferryside levy fees for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack 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 common cause of delay in leasehold conveyancing in Ferryside.
  • If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you installed wooden flooring? Most leases in Ferryside state that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord acquiescing to such changes. If you dont have the paperwork to hand you should not communicate with the landlord without checking with your conveyancer in advance.
  • Some Ferryside leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain 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 buyers or their solicitors.
  • If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share certificate. Arranging a re-issued share certificate is often a lengthy formality and frustrates many a Ferryside conveyancing deal. If a new share certificate is required, you should approach the company officers or managing agents (where applicable) for this at the earliest opportunity.

  • I acquired a 1st floor flat in Ferryside, conveyancing having been completed in 2004. 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? Corresponding flats in Ferryside with an extended lease are worth £234,000. The average or mid-range amount of ground rent is £55 per annum. The lease finishes on 21st October 2088

    With just 66 years left to run the likely cost is going to be between £16,200 and £18,600 plus professional fees.

    The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Ferryside