Fixed-fee leasehold conveyancing in Freshwater:

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Any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Freshwater, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Top Five Questions relating to Freshwater leasehold conveyancing

I am in need of some leasehold conveyancing in Freshwater. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.

Assuming the lease is registered - and most are in Freshwater - 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 have recently realised that I have 62 years left on my flat in Freshwater. I now wish to get lease extension but my freeholder is absent. What should I do?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to prove that you or your lawyers have made all reasonable attempts to locate the landlord. On the whole a specialist may be helpful to carry out a search and to produce a report to be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a solicitor both on investigating the landlord’s absence and the application to the County Court overseeing Freshwater.

I own a leasehold house in Freshwater. Conveyancing and Chelsea Building Society mortgage are in place. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1997. The conveyancing practitioner in Freshwater who previously acted has long since retired.What should I do?

First make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Freshwater conveyancing solicitor to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am employed by a busy estate agency in Freshwater where we have experienced a number of flat sales put at risk as a result of short leases. I have been given contradictory information from local Freshwater conveyancing solicitors. Please can you clarify whether the vendor of a flat can commence 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is 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 needs to be completed prior to, or simultaneously with completion of the disposal of the property.

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 purchaser.

Do you have any advice for leasehold conveyancing in Freshwater with the aim of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Freshwater can be avoided if you instruct lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the buyers lawyers.
  • Many freeholders or Management Companies in Freshwater 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 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 reason for frustration in leasehold conveyancing in Freshwater.
  • If you have had conflict with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be warry about purchasing a flat where a dispute is ongoing. 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 prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to present the dispute as historic as opposed to unsettled.
  • If you hold a share in a the freehold, you should make sure that you hold the original share certificate. Arranging a replacement share certificate can be a lengthy formality and delays many a Freshwater conveyancing transaction. Where a reissued share certificate is required, you should approach the company officers or managing agents (if applicable) for this as soon as possible.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check via your lawyers. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. In the circumstances it is important 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 property on the market for sale.

    • Leasehold Conveyancing in Freshwater - Sample of Questions you should consider Prior to Purchasing

      The best form of lease arrangement is if the freehold interest is owned by the leaseholders. In this scenario the leaseholders benefit from control and notwithstanding that a managing agent is frequently retained where it is bigger than a house conversion, the managing agent employed by the leaseholders. Please note if it is fewer than eighty years it will impact the salability of the property. Check with your bank that they are content with residual term of the lease. Leases with less than 80 years remaining means that you will most likely require a lease extension sooner rather than later and you need to have some idea of what this will be. For most Freshwaterlease extensions you will need to own the property for 24 months before you are eligible to extend the lease. This question is useful as a) areas can result in problems in the block as the common areas may start to deteriorate where repairs remain unpaid b) if the tenants have an issue with the managing agents you will need to have complete disclosure

    Other Topics

    Lease Extensions in Freshwater