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Forest of Dean leasehold conveyancing: Q and A’s

I am in need of some leasehold conveyancing in Forest of Dean. Before I get started I would like to find out the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and most are in Forest of Dean - 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 ground floor flat in Forest of Dean.Conveyancing lawyers have not yet been instructed but I have just received a yearly maintenance charge demand – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should 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 management companies will not acknowledge the buyer until 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 employed by a reputable estate agency in Forest of Dean where we have experienced a number of leasehold sales derailed due to short leases. I have been given conflicting advice from local Forest of Dean conveyancing solicitors. Could you confirm whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?

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 proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.

An alternative approach is 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.

What advice can you give us when it comes to finding a Forest of Dean conveyancing practice to deal with our lease extension?

When appointing a conveyancer for lease extension works (regardless if they are a Forest of Dean conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Forest of Dean conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:

  • How experienced is the practice with lease extension legislation?
  • What are the charges for lease extension work?

    • Do you have any advice for leasehold conveyancing in Forest of Dean from the point of view of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Forest of Dean can be reduced where you get in touch lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information which will be required by the purchasers’ representatives.
    • If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Forest of Dean state that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord consenting to such alterations. Should you fail to have the consents in place do not contact the landlord without contacting your lawyer in the first instance.
  • A minority of Forest of Dean leases require Licence to Assign from the landlord. If this is the case, 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 service charge figures 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 have the original share certificate. Arranging a re-issued share certificate is often a time consuming formality and delays many a Forest of Dean home move. If a reissued share is necessary, you should approach the company director and secretary or managing agents (if relevant) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this by asking your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is below 80 years. It is therefore important at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • I am the registered owner of a leasehold flat in Forest of Dean, conveyancing was carried out in 2006. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Forest of Dean with an extended lease are worth £210,000. The average or mid-range amount of ground rent is £55 levied per year. The lease comes to an end on 21st October 2100

    With 76 years remaining on your lease the likely cost is going to range between £8,600 and £9,800 plus legals.

    The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures 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. You should not move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Forest of Dean