Fixed-fee leasehold conveyancing in Glossop:

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

Common questions relating to Glossop leasehold conveyancing

I've found a house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have just found out that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Glossop. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Glossop ?

Most houses in Glossop are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Glossop so you should seriously consider shopping around for a Glossop conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your solicitor will advise you fully on all the issues.

Last month I purchased a leasehold house in Glossop. Do I have any liability for service charges relating to a period prior to completion of my purchase?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I am employed by a long established estate agent office in Glossop where we have witnessed a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Glossop conveyancing firms. Can you clarify whether the owner of a flat can initiate the lease extension process 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 kick-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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, 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 Glossop from the point of view of saving time on the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Glossop can be bypassed where you instruct lawyers the minute you market your property and request that they start to put together the leasehold information needed by the buyers conveyancers.
  • The majority landlords or managing agents in Glossop charge for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. 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 Glossop.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Glossop state that internal structural alterations or addition of wooden flooring necessitate a licence issued by the Landlord approving such changes. If you dont have the approvals in place do not communicate with the landlord without checking with your conveyancer before hand.
  • If you are supposed to have a share in the freehold, you should ensure that you are holding the original share certificate. Organising a re-issued share certificate can be a time consuming formality and slows down many a Glossop conveyancing deal. Where a duplicate share is necessary, you should approach the company officers or managing agents (where relevant) for this at the earliest opportunity.
  • 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 buyer’s lawyer will not be happy to advise their client to where the lease term is below 75 years. In the circumstances it is important at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

  • Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £375000 flat in Glossop on Wednesday in a week. The freeholder has quoted £348 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Glossop?

    Glossop conveyancing on leasehold flats normally necessitates administration charges levied by managing agents :

    • Answering pre-exchange enquiries
    • Where consent is required before sale in Glossop
    • Supplying insurance information
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Glossop leasehold premises is £350. For Glossop 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 required to provide answers.

    I own a 1 bedroom flat in Glossop, conveyancing having been completed 10 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Glossop with an extended lease are worth £254,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease runs out on 21st October 2099

    With only 75 years left to run we estimate the premium for your lease extension to be between £10,500 and £12,000 as well as legals.

    The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional 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 seeking the advice of a professional.

    Other Topics

    Lease Extensions in Glossop