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Top Five Questions relating to Frant leasehold conveyancing

Planning to exchange soon on a leasehold property in Frant. Conveyancing lawyers inform me that they are sending me a report on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Frant should include some of the following:

  • You should receive a copy of the lease
  • How long the lease is You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • Does the lease prevent you from subletting the flat, or working from home
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? For a comprehensive list of information to be contained in your report on your leasehold property in Frant please enquire of your solicitor in ahead of your conveyancing in Frant

    • I've found a house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have just found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Frant. Conveyancing advisers have are soon to be instructed. Will they explain the issues?

    The majority of houses in Frant are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Frant so you should seriously consider looking for a Frant conveyancing solicitor and be sure that they have experience in dealing with 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 with the house. The lease will likely included provisions for example requiring the freeholder’spermission to carry out alterations. It may be necessary to pay a service charge 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.

    Last month I purchased a leasehold flat in Frant. Am I liable to pay service charges relating to a period prior to completion of my purchase?

    Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

    If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

    Do you have any advice for leasehold conveyancing in Frant with the intention of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Frant can be avoided if you get in touch lawyers the minute you market your property and ask them to put together the leasehold information needed by the purchasers’ conveyancers.
    • The majority landlords or Management Companies in Frant charge for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Frant.
  • If you have carried out any alterations to the property would they have required Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Frant state that internal structural alterations or installing wooden flooring calls for a licence from the Landlord consenting to such alterations. Where you fail to have the approvals in place you should not communicate with the landlord without checking with your lawyer before hand.
  • A minority of Frant leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is 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 buyers or their solicitors.
  • If you are supposed to have a share in the freehold, you should ensure that you hold the original share certificate. Obtaining a new share certificate can be a time consuming formality and delays many a Frant home move. Where a reissued share certificate is necessary, do contact the company director and secretary or managing agents (if relevant) for this as soon as possible.

    • What are the common deficiencies that you encounter in leases for Frant properties?

    There is nothing unique about leasehold conveyancing in Frant. Most leases are unique and drafting errors can sometimes mean that certain sections are missing. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements of the building
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You may encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Norwich and Peterborough Building Society, and Britannia all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to withdraw.

    I invested in buying a basement flat in Frant, conveyancing was carried out 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 Frant with over 90 years remaining are worth £205,000. The average or mid-range amount of ground rent is £55 levied per year. The lease finishes on 21st October 2093

    With just 68 years left to run the likely cost is going to be between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.

    The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Frant