Experts for Leasehold Conveyancing in Greenfield

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Top Five Questions relating to Greenfield leasehold conveyancing

I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently discovered that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Greenfield. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Greenfield ?

Most houses in Greenfield are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Greenfield so you should seriously consider shopping around for a Greenfield conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your lawyer will report to you on the legal implications.

I am tempted by the attractive purchase price for a two maisonettes in Greenfield both have in the region of 50 years unexpired on the leases. should I be concerned?

There is no doubt about it. A leasehold apartment in Greenfield is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. The majority of purchasers and lenders, leases with under 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 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 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 Greenfield 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.

I've recently bought a leasehold flat in Greenfield. Am I liable to pay service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I am a negotiator for a reputable estate agent office in Greenfield where we have witnessed a number of leasehold sales jeopardised as a result of short leases. I have received inconsistent advice from local Greenfield conveyancing solicitors. Can you clarify whether the seller of a flat can instigate the lease extension formalities for the buyer?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. 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 disposal of the property.

Alternatively, it may be possible to agree the lease extension with the freeholder 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.

What are your top tips when it comes to finding a Greenfield conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a conveyancer for lease extension works (regardless if they are a Greenfield conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Greenfield conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:

  • How many lease extensions has the firm completed in Greenfield in the last twenty four months?
  • Can they put you in touch with client in Greenfield who can give a testimonial?

  • Greenfield Conveyancing for Leasehold Flats - Sample of Queries before Purchasing

      Can you tell me if there are any major works anticipated that could increase the service costs? The prefered form of lease structure is where the freehold title is in the ownership of the leaseholders. In this arrangement the lessees benefit from being in charge if their destiny and even though a managing agent is often employed where the building is larger than a house conversion, the managing agent acts for the leaseholders themselves. Make sure you enquire if there are any onerous restrictions in the lease. By way of example some leases prohibit pets being allowed in in a block in Greenfield. If you love the flatin Greenfield but your cat is not allowed to move with you then you have a very difficult determination.

    Other Topics

    Lease Extensions in Greenfield