Fixed-fee leasehold conveyancing in Hazlemere:

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Hazlemere leasehold conveyancing: Q and A’s

I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have since found out that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Hazlemere. Conveyancing solicitors have not yet been appointed. Will they explain the issues?

Most houses in Hazlemere are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Hazlemere so you should seriously consider shopping around for a Hazlemere conveyancing practitioner and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your solicitor will advise you fully on all the issues.

I own a leasehold flat in Hazlemere. Conveyancing and Britannia mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Hazlemere who previously acted has long since retired.What should I do?

The first thing you should do is make enquiries of HMLR to be sure that the individual claiming to own the freehold is indeed the new freeholder. There is no need to incur the fees of a Hazlemere conveyancing firm to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

What are your top tips when it comes to choosing a Hazlemere conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a property lawyer for lease extension works (regardless if they are a Hazlemere conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Hazlemere conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

  • How familiar is the firm with lease extension legislation?
  • What are the legal fees for lease extension conveyancing?

    • Do you have any top tips for leasehold conveyancing in Hazlemere with the purpose of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Hazlemere can be bypassed where you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information needed by the buyers lawyers.
    • Many landlords or Management Companies in Hazlemere charge for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Hazlemere.
  • A minority of Hazlemere 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 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 buyers or their lawyers.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be concerned about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and 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 prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to present the dispute as over rather than unresolved.
  • You may think that you are aware of the number of years left on your lease but you should verify this by asking your solicitors. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 80 years. It is therefore essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • If all goes to plan we aim to complete our sale of a £400000 flat in Hazlemere in just under a week. The landlords agents has quoted £372 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Hazlemere?

    Hazlemere conveyancing on leasehold maisonettes normally necessitates the buyer’s conveyancer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to answer such questions most will be willing to assist. They may invoice a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some cases it is above £800. The management information fee demanded by the landlord must be sent together with a summary of entitlements and obligations in relation to administration fees, without which the charge is not strictly payable. In reality one has little option but to pay whatever is demanded should you wish to exchange contracts with the buyer.

    I own a 1st floor flat in Hazlemere, conveyancing formalities finalised in 1998. 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? Equivalent flats in Hazlemere with an extended lease are worth £205,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2086

    With only 61 years unexpired the likely cost is going to be between £18,100 and £20,800 as well as plus your own and the landlord's "reasonable" professional fees.

    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. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Hazlemere