Leasehold Conveyancing in Grange Over Sands - Get a Quote from the leasehold experts approved by your lender

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Top Five Questions relating to Grange Over Sands leasehold conveyancing

I want to rent out my leasehold flat in Grange Over Sands. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?

A lease dictates the relationship between the landlord and you the leaseholder; specifically, it will set out if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Grange Over Sands do not contain strict prohibition on subletting – such a provision would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.

There are only 72 years left on my lease in Grange Over Sands. I need to get lease extension but my landlord is missing. 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 enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to find the landlord. In some cases a specialist would be useful to conduct investigations and to produce a report to be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s absence and the vesting order request to the County Court covering Grange Over Sands.

I am a negotiator for a reputable estate agency in Grange Over Sands where we have experienced a number of flat sales derailed due to short leases. I have received conflicting advice from local Grange Over Sands conveyancing solicitors. Can you clarify whether the vendor of a flat can commence 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser 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 needs to be completed before, or at the same time as 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 purchaser.

Can you offer any advice when it comes to appointing a Grange Over Sands conveyancing practice to deal with our lease extension?

If you are instructing a property lawyer for your lease extension (regardless if they are a Grange Over Sands conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Grange Over Sands conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

  • If they are not ALEP accredited then why not?
  • What are the costs for lease extension work?

  • When it comes to leasehold conveyancing in Grange Over Sands what are the most frequent lease problems?

    Leasehold conveyancing in Grange Over Sands is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain sections are erroneous. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the building
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    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. Santander, Virgin Money, and Alliance & Leicester all have very detailed requirements 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 invested in buying a studio flat in Grange Over Sands, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Grange Over Sands with an extended lease are worth £206,000. The ground rent is £50 per annum. The lease ceases on 21st October 2103

    With 79 years unexpired we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as professional fees.

    The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Grange Over Sands