I am looking at a two apartments in Hampden Pk both have approximately 50 years left on the leases. should I be concerned?

A lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease deteriorate and results in it becoming more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area

I work for a busy estate agency in Hampden Pk where we have experienced a few flat sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Hampden Pk conveyancing firms. Could you confirm whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence 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 prior to, 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 buyer.

What advice can you give us when it comes to choosing a Hampden Pk conveyancing practice to deal with our lease extension?

If you are instructing a conveyancer for lease extension works (regardless if they are a Hampden Pk conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Hampden Pk conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

• How many lease extensions has the firm completed in Hampden Pk in the last twenty four months?

Can they put you in touch with client in Hampden Pk who can give a testimonial?

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

• Much of the delay in leasehold conveyancing in Hampden Pk can be reduced if you get in touch 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 purchasers’ representatives.
• If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you installed wooden flooring? Most leases in Hampden Pk state that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord approving such changes. Where you fail to have the approvals in place do not communicate with the landlord without contacting your lawyer first.

If you have had conflict with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be warry about purchasing 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 ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to reveal the dispute as over rather than ongoing.

If you have the benefit of shareholding in the freehold, you should ensure that you have the original share document. Obtaining a replacement share certificate can be a lengthy formality and slows down many a Hampden Pk home move. If a duplicate share is needed, do contact the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.

You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check by asking your conveyancers. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is under 75 years. It is therefore important 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.

We expect to complete our sale of a £275000 maisonette in Hampden Pk next week. The management company has quoted £324 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Hampden Pk?

Hampden Pk conveyancing on leasehold apartments normally involves fees being invoiced by freeholders :

• Completing pre-contract enquiries
• Where consent is required before sale in Hampden Pk
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Hampden Pk leasehold property is £350. For Hampden Pk conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to supply the information.

Hampden Pk Conveyancing for Leasehold Flats - Examples of Queries Prior to buying

In the main the cost for major works tend not to be included within service charges, albeit that there some managing agents in Hampden Pk ask leasehold owners to pay into a reserve fund and this is used to offset against major works. What is the length of the lease? Its a good idea to find out as much as you can about the managing agents as they can either make living at the property much easier or much more difficult. As the owner of a leasehold property you are often at the mercy of the managing agents both financially and when it comes to day to day issues such as the tidiness of the common parts. Enquire of other people what they think of their service. On a final note, be sure you understand the dates that you are obliged pay the maintenance charge to the relevant party and precisely how they are spending the funds.

Other Topics

Lease Extensions in Hampden Pk