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Questions and Answers: Haslington leasehold conveyancing

Estate agents have just been given the go-ahead to market my basement flat in Haslington.Conveyancing lawyers have not yet been instructed but I have just had a yearly maintenance charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should clear 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 unless 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 am attracted to a two flats in Haslington both have about 50 years remaining on the lease term. Do I need to be concerned?

There are plenty of short leases in Haslington. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the saleability of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this area

I work for a long established estate agent office in Haslington where we have witnessed a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Haslington conveyancing firms. Please can you clarify whether the vendor 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 kick-start 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 sale.

Alternatively, it may be possible 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.

Do you have any advice for leasehold conveyancing in Haslington with the purpose of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Haslington can be reduced if you instruct lawyers the minute your agents start marketing the property and ask them to collate the leasehold information which will be required by the purchasers’ lawyers.
  • Many freeholders or managing agents in Haslington charge for providing management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Haslington.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Haslington leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence from the Landlord consenting to such alterations. Where you fail to have the paperwork in place do not communicate with the landlord without contacting your solicitor in advance.
  • A minority of Haslington leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If you hold a share in a the freehold, you should ensure that you have the original share document. Obtaining a new share certificate can be a time consuming formality and slows down many a Haslington conveyancing transaction. Where a duplicate share is necessary, you should approach the company officers or managing agents (if relevant) for this sooner rather than later.

    • What are the common defects that you encounter in leases for Haslington properties?

    There is nothing unique about leasehold conveyancing in Haslington. Most leases are unique and legal mistakes in the legal wording can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair 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 issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Norwich and Peterborough Building Society, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.

    I own a ground floor flat in Haslington, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Corresponding properties in Haslington with an extended lease are worth £175,000. The ground rent is £60 levied per year. The lease runs out on 21st October 2080

    With just 54 years unexpired we estimate the premium for your lease extension to be between £30,400 and £35,200 as well as legals.

    The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Haslington