Guaranteed fixed fees for Leasehold Conveyancing in Godmanchester

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Godmanchester leasehold conveyancing: Q and A’s

Having had my offer accepted I require leasehold conveyancing in Godmanchester. Before I set the wheels in motion I would like to find out the unexpired term of the lease.

Assuming the lease is registered - and almost all are in Godmanchester - 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 want to rent out my leasehold apartment in Godmanchester. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

Even though your previous Godmanchester conveyancing solicitor is not available you can check your lease to check if it allows you to sublet the apartment. The accepted inference is that if the deeds are silent, subletting is permitted. There may be a precondition that you are obliged to seek permission from your landlord or some other party in advance of subletting. The net result is that you cannot sublet in the absence of prior consent. Such consent must not not be unreasonably withheld. If the lease prohibits you from letting out the property you will need to ask your landlord for their consent.

Expecting to exchange soon on a basement flat in Godmanchester. Conveyancing solicitors inform me that they report fully tomorrow. What should I be looking out for?

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

  • You should be sent a copy of the lease
  • The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Whether the lease restricts you from letting out the property, or working from home
  • Changes to the flat (alterations and additions)
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
  • Responsibility for repairing the window frames For a comprehensive list of information to be included in your report on your leasehold property in Godmanchester please ask your conveyancer in ahead of your conveyancing in Godmanchester

    • I am attracted to a couple of flats in Godmanchester both have approximately fifty years remaining on the lease term. Do I need to be concerned?

    There are no two ways about it. A leasehold flat in Godmanchester is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. For most buyers and mortgage companies, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Godmanchester conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

    Do you have any top tips for leasehold conveyancing in Godmanchester with the intention of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Godmanchester can be reduced where you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold information which will be required by the buyers solicitors.
    • Many freeholders or Management Companies in Godmanchester levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Godmanchester.
  • A minority of Godmanchester 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 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 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 marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You will have to accept that you will have to 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 are still duty bound to disclose details of the dispute to the buyers, but it is better to reveal the dispute as historic rather than ongoing.
  • You believe that you know the number of years left on your lease but it would be wise to verify this by asking your lawyers. A purchaser's lawyer will be unlikely to recommend their client to where the lease term is less than 80 years. In the circumstances it is essential 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 property on the market for sale.

    • I invested in buying a basement flat in Godmanchester, conveyancing was carried out 3 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Godmanchester with over 90 years remaining are worth £261,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease comes to an end on 21st October 2088

    With 64 years remaining on your lease we estimate the price of your lease extension to range between £14,300 and £16,400 as well as professional fees.

    The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Godmanchester