Guaranteed fixed fees for Leasehold Conveyancing in Geddington

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Geddington leasehold conveyancing: Q and A’s

Having had my offer accepted I require leasehold conveyancing in Geddington. Before diving in I want to be sure as to the number of years remaining on the lease.

Assuming the lease is registered - and 99.9% are in Geddington - 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 Sixty One years unexpired on my lease in Geddington. I now wish to get lease extension but my freeholder is can not be found. 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 an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to prove that you or your lawyers have used your best endeavours to track down the freeholder. In some cases an enquiry agent would be helpful to conduct investigations and prepare an expert document which can be used as proof that the landlord can not be located. It is advisable to get professional help from a property lawyer both on investigating the landlord’s disappearance and the vesting order request to the County Court covering Geddington.

What are your top tips when it comes to choosing a Geddington conveyancing practice to carry out our lease extension conveyancing?

When appointing a property lawyer for lease extension works (regardless if they are a Geddington conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Geddington conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:

  • How familiar is the practice with lease extension legislation?
  • Can they put you in touch with client in Geddington who can give a testimonial?

    • Do you have any advice for leasehold conveyancing in Geddington with the purpose of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Geddington can be reduced if you appoint lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation needed by the buyers representatives.
    • If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you laid down wooden flooring? Geddington leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence from the Landlord consenting to such works. Should you dont have the approvals to hand you should not communicate with the landlord without checking with your conveyancer in the first instance.
  • A minority of Geddington leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is 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 buyers or their solicitors.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being marketed. The buyers and their solicitors will be concerned about purchasing a property where a dispute is ongoing. 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 will still have to reveal details of the dispute to the buyers, but it is better to present the dispute as historic rather than ongoing.
  • You believe that you know the number of years remaining on your lease but you should verify this via your lawyers. A buyer’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. It is therefore important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • What makes a Geddington lease unmortgageable?

    Leasehold conveyancing in Geddington is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the property
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Virgin Money, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.

    I inherited a ground floor flat in Geddington, conveyancing having been completed 1998. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Geddington with a long lease are worth £270,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease terminates on 21st October 2102

    With 77 years left to run we estimate the premium for your lease extension to span between £11,400 and £13,200 plus plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns 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 based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Geddington