Fixed-fee leasehold conveyancing in Great Coates:

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When it comes to leasehold conveyancing in Great Coates, you will need to appoint a conveyancing solicitor with leasehold experience. Whether your mortgage company is to be Santander, Yorkshire Building Society or Nationwide make sure you choose a lawyer on their panel. Feel free to use our search tool

Sample questions relating to Great Coates leasehold conveyancing

Due to complete next month on a basement flat in Great Coates. Conveyancing solicitors inform me that they are sending me a report next week. What should I be looking out for?

Your report on title for your leasehold conveyancing in Great Coates should include some of the following:

  • You should be sent a copy of the lease
  • The physical extent of the property. This will be the apartment itself but may include a roof space or basement if applicable.
  • Defining your legal entitlements in relation to common areas in the block.By way of example, does the lease include a right of way over an accessway or hallways?
  • You must be told what counts as a Nuisance in the lease
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a reserve fund?
  • Changes to the flat (alterations and additions) For a comprehensive list of information to be included in your report on your leasehold property in Great Coates please enquire of your solicitor in ahead of your conveyancing in Great Coates

    • I have just started marketing my garden apartment in Great Coates.Conveyancing solicitors are to be appointed soon but I have just received a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?

    Your conveyancing lawyer is likely to suggest that you should clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

    I am attracted to a two maisonettes in Great Coates which have in the region of 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?

    There are no two ways about it. A leasehold flat in Great Coates is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of purchasers and banks, leases with less than eighty years become less and less marketable. 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 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 Great Coates 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 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.

    What advice can you give us when it comes to finding a Great Coates conveyancing firm to deal with our lease extension?

    If you are instructing a solicitor for your lease extension (regardless if they are a Great Coates conveyancing practice) 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 talk with several firms including non Great Coates conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:

    • How familiar is the practice with lease extension legislation?
  • What are the costs for lease extension work?

    • Do you have any advice for leasehold conveyancing in Great Coates with the aim of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Great Coates can be reduced if you get in touch lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation needed by the buyers solicitors.
    • If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you installed wooden flooring? Most leases in Great Coates state that internal structural alterations or addition of wooden flooring require a licence from the Landlord acquiescing to such changes. Should you dont have the paperwork to hand do not communicate with the landlord without contacting your conveyancer first.
  • Some Great Coates 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 obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying 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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to present the dispute as over rather than unsettled.
  • If you hold a share in a the freehold, you should ensure that you have the original share certificate. Arranging a re-issued share certificate is often a time consuming process and delays many a Great Coates conveyancing deal. If a duplicate share certificate is needed, you should approach the company director and secretary or managing agents (if applicable) for this sooner rather than later.

    • I inherited a 1st floor flat in Great Coates, conveyancing having been completed in 2005. Can you work out an approximate cost of a lease extension? Similar flats in Great Coates with over 90 years remaining are worth £264,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease finishes on 21st October 2080

    With just 55 years left to run we estimate the price of your lease extension to range between £30,400 and £35,200 as well as costs.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Great Coates