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Top Five Questions relating to Gosport leasehold conveyancing

I am on look out for some leasehold conveyancing in Gosport. Before diving in I want to be sure as to the unexpired term of the lease.

If the lease is registered - and most are in Gosport - 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.

I only have Fifty years unexpired on my lease in Gosport. I need to get lease extension but my freeholder is can not be found. What options are available to me?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to track down the lessor. On the whole an enquiry agent would be helpful to conduct investigations and to produce an expert document to be used as proof that the landlord can not be located. It is advisable to get professional help from a solicitor in relation to investigating the landlord’s absence and the application to the County Court covering Gosport.

I am tempted by the attractive purchase price for a two flats in Gosport both have about fifty years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Gosport is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of 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 property 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 premises 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 Gosport conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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.

Can you provide any advice for leasehold conveyancing in Gosport with the intention of speeding up the sale process?

  • Much of the delay in leasehold conveyancing in Gosport can be reduced where you get in touch lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the buyers lawyers.
  • Many freeholders or Management Companies in Gosport charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Gosport.
  • If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Gosport state that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord approving such alterations. Where you dont have the consents in place do not contact the landlord without checking with your lawyer in the first instance.
  • A minority of Gosport leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are able to meet 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 you have had any disputes with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be concerned about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. 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 particulars of the dispute to the buyers, but it is better to reveal the dispute as historic as opposed to unresolved.

    • We expect to complete the disposal of our £250000 garden flat in Gosport in 8 days. The managing agents has quoted £348 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Gosport?

    Gosport conveyancing on leasehold apartments often necessitates the purchaser’s lawyer sending questions for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries most will be willing to do so. They are entitled charge a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The administration charge demanded by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, otherwise the invoice is technically not due. In reality you have little choice but to pay whatever is requested of you if you want to sell the property.

    Gosport Leasehold Conveyancing - Examples of Questions you should consider Prior to Purchasing

      The best form of lease arrangement is a share of the freehold. In this scenario the tenants benefit from control and even though a managing agent is frequently retained if it is larger than a house conversion, the managing agent acts for the leaseholders themselves. Best to be warned whether fixing the lift or some other significant cost is pending that will be shared amongst the leaseholders and will dramatically impact the level of the service charges or necessitate a one time payment. Who are the managing agents?

    Other Topics

    Lease Extensions in Gosport