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Top Five Questions relating to Hanham leasehold conveyancing

I am on look out for some leasehold conveyancing in Hanham. Before I set the wheels in motion I would like to find out the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and most are in Hanham - 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 today plan to offer on a house that seems to meet my requirements, at a great figure which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Hanham. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?

Most houses in Hanham are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Hanham in which case you should be looking for a Hanham conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer should advise you fully on all the issues.

Can you provide any top tips for leasehold conveyancing in Hanham with the intention of speeding up the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Hanham can be reduced where you appoint lawyers the minute your agents start marketing the property and ask them to put together the leasehold information which will be required by the purchasers’ solicitors.
  • The majority freeholders or managing agents in Hanham charge for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for 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 common reason for delay in leasehold conveyancing in Hanham.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Hanham leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence from the Landlord approving such alterations. If you fail to have the consents to hand do not contact the landlord without contacting your solicitor before hand.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are settled before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as over as opposed to unresolved.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share certificate. Arranging a replacement share certificate is often a lengthy process and delays many a Hanham conveyancing deal. Where a new share certificate is necessary, you should approach the company director and secretary or managing agents (if relevant) for this sooner rather than later.

    • All being well we will complete the disposal of our £325000 maisonette in Hanham next Friday . The managing agents has quoted £324 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Hanham?

    Hanham conveyancing on leasehold maisonettes more often than not involves the purchaser’s lawyer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer such questions the majority will be content to do so. They may levy a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some cases it exceeds £800. The administration charge required by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration fees, otherwise the charge is technically not due. In reality one has no option but to pay whatever is demanded if you want to exchange contracts with the buyer.

    In relation to leasehold conveyancing in Hanham what are the most common lease defects?

    There is nothing unique about leasehold conveyancing in Hanham. Most leases are individual and drafting errors can sometimes mean that certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the building
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Chelsea 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 does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to withdraw.

    I inherited a 1st floor flat in Hanham, conveyancing was carried out in 1995. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Hanham with an extended lease are worth £202,000. The average or mid-range amount of ground rent is £55 per annum. The lease runs out on 21st October 2101

    With only 76 years left to run we estimate the premium for your lease extension to span between £10,500 and £12,000 as well as costs.

    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 comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Hanham