Top Five Questions relating to Handsworth leasehold conveyancing
I am in need of some leasehold conveyancing in Handsworth. Before I set the wheels in motion I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Handsworth - 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 am employed by a long established estate agent office in Handsworth where we have experienced a few flat sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Handsworth conveyancing firms. Can you confirm whether the vendor of a flat can initiate the lease extension process for the buyer?
As long as the seller has owned the lease 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. The benefit of this is that the proposed purchaser can avoid having 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 prior to, or at the same time as completion of the disposal of the property.
An alternative approach is 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 Handsworth conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Handsworth conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Handsworth conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- Can they put you in touch with client in Handsworth who can give a testimonial?
Do you have any top tips for leasehold conveyancing in Handsworth from the perspective of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Handsworth can be bypassed if you appoint lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information which will be required by the buyers representatives.
- The majority landlords or managing agents in Handsworth charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Handsworth.
We expect to complete the sale of our £225000 garden flat in Handsworth next Friday . The managing agents has quoted £396 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Handsworth?
Handsworth conveyancing on leasehold apartments typically results in administration charges raised by managing agents :
- Completing conveyancing due diligence questions
- Where consent is required before sale in Handsworth
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I bought a split level flat in Handsworth, conveyancing having been completed 8 years ago. Can you work out an approximate cost of a lease extension? Similar flats in Handsworth with over 90 years remaining are worth £234,000. The average or mid-range amount of ground rent is £65 levied per year. The lease comes to an end on 21st October 2100
With 77 years remaining on your lease we estimate the price of your lease extension to range between £13,300 and £15,400 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.