I am in need of some leasehold conveyancing in Fratton and Portsea. Before I get started I want to be sure as to the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and almost all are in Fratton and Portsea - then the leasehold title will always include the short particulars 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 am looking at a two flats in Fratton and Portsea both have in the region of 50 years left on the leases. should I be concerned?

There are plenty of short leases in Fratton and Portsea. The lease is a right to use the premises for a period of time. As the lease gets shorter the saleability of the lease decreases and it becomes more expensive to extend the lease. This is why it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field

What are your top tips when it comes to finding a Fratton and Portsea conveyancing firm to deal with our lease extension?

If you are instructing a conveyancer for lease extension works (regardless if they are a Fratton and Portsea conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Fratton and Portsea conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

• If the firm is not ALEP accredited then why not?

What are the legal fees for lease extension conveyancing?

Do you have any advice for leasehold conveyancing in Fratton and Portsea with the aim of speeding up the sale process?

• A significant proportion of the delay in leasehold conveyancing in Fratton and Portsea can be bypassed if you get in touch lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation needed by the buyers representatives.
• The majority landlords or Management Companies in Fratton and Portsea levy fees for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack sought 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 frequent cause of delay in leasehold conveyancing in Fratton and Portsea.

In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Fratton and Portsea leases often stipulate that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord approving such changes. Should you dont have the paperwork in place do not contact the landlord without contacting your lawyer before hand.

Some Fratton and Portsea leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are 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 service charge figures 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 resolved prior to the flat being marketed. The purchasers and their solicitors will be warry about purchasing a property where there is a current dispute. You may have to bite the bullet and 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 prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to ongoing.

All being well we will complete the sale of our £475000 apartment in Fratton and Portsea in nine days. The management company has quoted £396 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Fratton and Portsea?

For most leasehold sales in Fratton and Portsea conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Addressing conveyancing due diligence enquiries
• Where consent is required before sale in Fratton and Portsea
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Fratton and Portsea leasehold property is £350. For Fratton and Portsea conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply the information.

I acquired a 1 bedroom flat in Fratton and Portsea, conveyancing formalities finalised in 1997. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Fratton and Portsea with a long lease are worth £215,000. The average or mid-range amount of ground rent is £65 per annum. The lease runs out on 21st October 2085

With just 60 years unexpired the likely cost is going to be between £20,000 and £23,000 as well as costs.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should 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 Fratton and Portsea