Fixed-fee leasehold conveyancing in Gunnislake:

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Examples of recent questions relating to leasehold conveyancing in Gunnislake

Having checked my lease I have discovered that there are only 72 years unexpired on my lease in Gunnislake. I am keen to extend my lease but my landlord is can not be found. What are my options?

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 mean that your lease can be lengthened by the Court. You will be obliged to prove that you or your lawyers have done all that could be expected to locate the lessor. In some cases an enquiry agent may be useful to conduct investigations and prepare a report to be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a conveyancer in relation to investigating the landlord’s absence and the vesting order request to the County Court overseeing Gunnislake.

I work for a busy estate agent office in Gunnislake where we have witnessed a few flat sales derailed due to short leases. I have received inconsistent advice from local Gunnislake conveyancing firms. Could you shed some light as to whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?

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. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.

Alternatively, it may be possible 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.

Do you have any advice for leasehold conveyancing in Gunnislake with the purpose of speeding up the sale process?

  • Much of the frustration in leasehold conveyancing in Gunnislake 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 conveyancers.
  • Many landlords or Management Companies in Gunnislake levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Gunnislake.
  • If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Gunnislake leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord approving such changes. If you dont have the approvals to hand you should not contact the landlord without checking with your lawyer in advance.
  • Some Gunnislake leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are able to meet 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.
  • You believe that you know the number of years remaining on your lease but it would be wise to double-check via your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 80 years. In the circumstances it is essential at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • If all goes to plan we aim to complete our sale of a £450000 flat in Gunnislake next week. The landlords agents has quoted £396 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Gunnislake?

    Gunnislake conveyancing on leasehold maisonettes often requires the buyer’s solicitor sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to address such questions most will be content to assist. They are at liberty charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. 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 management information fee demanded by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, otherwise the charge is not strictly payable. Reality however dictates that you have no option but to pay whatever is demanded if you want to complete the sale of your home.

    Are there frequently found problems that you see in leases for Gunnislake properties?

    There is nothing unique about leasehold conveyancing in Gunnislake. Most leases are individual and drafting errors can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the property
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Coventry Building Society, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.

    I own a basement flat in Gunnislake, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Gunnislake with a long lease are worth £198,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease terminates on 21st October 2101

    With only 77 years remaining on your lease we estimate the price of your lease extension to span between £10,500 and £12,000 plus professional fees.

    The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.

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    Lease Extensions in Gunnislake