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Gainsborough leasehold conveyancing: Q and A’s

I am on look out for some leasehold conveyancing in Gainsborough. Before I get started I require certainty as to the remaining lease term.

If the lease is recorded at the land registry - and most are in Gainsborough - 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.

Looking forward to sign contracts shortly on a garden flat in Gainsborough. Conveyancing solicitors inform me that they will have a report out to me on Monday. What should I be looking out for?

The report on title for your leasehold conveyancing in Gainsborough should include some of the following:

  • The physical extent of the premises. This will be the flat itself but could also incorporate a roof space or cellar if appropriate.
  • Defining your legal entitlements in relation to the communal areas in the block.For instance, does the lease include a right of way over an accessway or staircase?
  • Will you be prohibited or prevented from having pets in the property?
  • Whether your lease has a provision for a reserve fund?
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • Responsibility for repairing the window frames
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Gainsborough please ask your solicitor in ahead of your conveyancing in Gainsborough

    • I've found a house that appears to be perfect, at a great price which is making it all the more appealing. I have since been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Gainsborough. Conveyancing lawyers have not yet been instructed. Will they explain the issues?

    The majority of houses in Gainsborough are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Gainsborough in which case you should be shopping around for a Gainsborough conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your solicitor should appraise you on the various issues.

    Can you provide any advice for leasehold conveyancing in Gainsborough from the perspective of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Gainsborough can be bypassed where you instruct lawyers as soon as you market your property and request that they start to collate the leasehold documentation needed by the buyers solicitors.
    • Many freeholders or Management Companies in Gainsborough levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Gainsborough.
  • A minority of Gainsborough 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 obtain financial (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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may have to bite the bullet and pay 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 buyers, but it is clearly preferable to reveal the dispute as over rather than unsettled.
  • If you have the benefit of shareholding in the freehold, you should make sure that you have the original share document. Obtaining a duplicate share certificate is often a lengthy formality and delays many a Gainsborough home move. Where a duplicate share certificate is necessary, you should approach the company officers or managing agents (if relevant) for this sooner rather than later.

    • Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £425000 flat in Gainsborough next Tuesday . The landlords agents has quoted £408 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Gainsborough?

    Gainsborough conveyancing on leasehold apartments normally requires the purchaser’s conveyancer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries the majority will be content to do so. They are at liberty invoice a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some situations it exceeds £800. The administration charge invoiced by the landlord must be sent together with a synopsis of rights and obligations in relation to administration charges, otherwise the charge is not strictly payable. Reality however dictates that one has little option but to pay whatever is requested of you if you want to exchange contracts with the buyer.

    I own a 1st floor flat in Gainsborough, conveyancing having been completed in 2001. 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 properties in Gainsborough with over 90 years remaining are worth £175,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease finishes on 21st October 2081

    With just 56 years remaining on your lease we estimate the price of your lease extension to be between £23,800 and £27,400 plus legals.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Gainsborough