Experts for Leasehold Conveyancing in Hailsham

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

Common questions relating to Hailsham leasehold conveyancing

I am on look out for some leasehold conveyancing in Hailsham. Before diving in I require certainty as to the remaining lease term.

If the lease is recorded at the land registry - and almost all are in Hailsham - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I have recently realised that I have 72 years remaining on my lease in Hailsham. I am keen to extend my lease but my freeholder is can not be found. What options are available to me?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application 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. However, you will be required to prove that you have used your best endeavours to find the lessor. For most situations a specialist may be helpful to try and locate and prepare a report to be used as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer both on investigating the landlord’s absence and the vesting order request to the County Court covering Hailsham.

I’m about to sell my ground floor flat in Hailsham.Conveyancing is yet to be initiated 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 pay the invoice 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 management companies will not acknowledge the buyer until 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. This will smooth the conveyancing process.

I've recently bought a leasehold flat in Hailsham. Am I liable to pay service charges for periods before my ownership?

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. It is an essential part 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).

Can you provide any top tips for leasehold conveyancing in Hailsham with the intention of saving time on the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Hailsham can be avoided where you appoint lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information needed by the purchasers’ solicitors.
  • The majority freeholders or Management Companies in Hailsham charge for providing management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Hailsham.
  • A minority of Hailsham leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying 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 lawyers.
  • If you are supposed to have a share in the freehold, you should ensure that you are holding the original share document. Obtaining a duplicate share certificate can be a lengthy process and delays many a Hailsham conveyancing transaction. Where a reissued share is required, you should approach the company director and secretary or managing agents (if applicable) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but you should verify this via your solicitors. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is less than 75 years. It is therefore essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • I acquired a ground floor flat in Hailsham, conveyancing formalities finalised 2011. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Hailsham with over 90 years remaining are worth £219,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease finishes on 21st October 2082

    With just 57 years remaining on your lease we estimate the premium for your lease extension to range between £27,600 and £31,800 plus professional fees.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Hailsham