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Gaydon leasehold conveyancing: Q and A’s

I am in need of some leasehold conveyancing in Gaydon. Before I set the wheels in motion I want to be sure as to the remaining lease term.

If the lease is recorded at the land registry - and almost all are in Gaydon - 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.

Planning to exchange soon on a ground floor flat in Gaydon. Conveyancing solicitors inform me that they are sending me a report tomorrow. What should I be looking out for?

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

  • The length of the lease term 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?
  • Whether the lease restricts you from subletting the property, or having a home office for business
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • What you can do if a neighbour is in violation of a provision in their lease?
  • What the implications are if you breach a clause of your lease? For details of the information to be contained in your report on your leasehold property in Gaydon please ask your solicitor in advance of your conveyancing in Gaydon

    • Back In 2004, I bought a leasehold house in Gaydon. Conveyancing and Skipton Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Gaydon who previously acted has long since retired.Do I pay?

    The first thing you should do is contact HMLR to make sure that the individual purporting to own the freehold is in fact the new freeholder. It is not necessary to incur the fees of a Gaydon conveyancing practitioner to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

    I work for a long established estate agency in Gaydon where we see a number of flat sales jeopardised due to short leases. I have been given conflicting advice from local Gaydon conveyancing firms. Please can you clarify whether the owner of a flat can start the lease extension process for the buyer?

    Provided that the seller has owned the lease 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. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

    An alternative approach is to extend the lease informally by agreement with the landlord 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.

    Do you have any advice for leasehold conveyancing in Gaydon from the point of view of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Gaydon can be bypassed if you get in touch lawyers the minute you market your property and request that they start to put together the leasehold information needed by the purchasers’ lawyers.
    • In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Gaydon leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord acquiescing to such alterations. Should you dont have the consents in place do not contact the landlord without checking with your solicitor in advance.
  • Some Gaydon leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If you have had conflict with your landlord or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is unsettled. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of 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 better to present the dispute as over rather than unsettled.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this via your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to where the remaining number of years is below 80 years. In the circumstances it is important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • I purchased a studio flat in Gaydon, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Gaydon with an extended lease are worth £222,000. The ground rent is £50 levied per year. The lease ceases on 21st October 2084

    With 59 years remaining on your lease we estimate the price of your lease extension to be between £22,800 and £26,400 as well as legals.

    The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Gaydon