Leasehold Conveyancing in Grays - Get a Quote from the leasehold experts approved by your lender

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

Frequently asked questions relating to Grays leasehold conveyancing

Back In 2000, I bought a leasehold flat in Grays. Conveyancing and HSBC Bank mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Grays who previously acted has now retired.Any advice?

First contact HMLR to be sure that this person is indeed the new freeholder. You do not need to instruct a Grays conveyancing solicitor to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a couple of apartments in Grays which have approximately fifty years remaining on the leases. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the value of the lease reduces and it becomes more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field

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

When appointing a conveyancer for lease extension works (regardless if they are a Grays conveyancing firm) 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 make enquires with two or three firms including non Grays conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:

  • Can they put you in touch with client in Grays who can give a testimonial?
  • What are the costs for lease extension work?

    • Do you have any advice for leasehold conveyancing in Grays from the perspective of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Grays can be reduced if you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold information which will be required by the buyers representatives.
    • The majority landlords or Management Companies in Grays levy fees for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Grays.
  • If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example installed wooden flooring? Grays leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence from the Landlord consenting to such works. If you dont have the consents to hand do not contact the landlord without contacting your conveyancer before hand.
  • Some Grays leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is 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 hold a share in a the freehold, you should make sure that you have the original share certificate. Arranging a replacement share certificate is often a time consuming process and slows down many a Grays home move. If a new share certificate is necessary, you should approach the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.

    • I own a ground floor flat in Grays. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?

    Absolutely. We are happy to put you in touch with a Grays conveyancing firm who can help.

    An example of a Lease Extension matter before the tribunal for a Grays premises is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case affected 13 flats. The unexpired lease term was 76 years.

    What makes a Grays lease problematic?

    Leasehold conveyancing in Grays is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the premises
    • A duty to insure the building
    • 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 as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Norwich and Peterborough Building Society, and Alliance & Leicester all have express 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.

    Other Topics

    Lease Extensions in Grays