Fixed-fee leasehold conveyancing in Hazlemere:

When it comes to leasehold conveyancing in Hazlemere, you will need to instruct a conveyancing solicitor with leasehold experience. Whether your mortgage company is to be Lloyds, Yorkshire Building Society or NatWest make sure you find a lawyer on their approved list. Feel free to use our search tool

Top Five Questions relating to Hazlemere leasehold conveyancing

I am tempted by the attractive purchase price for a couple of flats in Hazlemere both have approximately fifty years left on the lease term. Will this present a problem?

A lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the value of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this field

I am employed by a reputable estate agency in Hazlemere where we have witnessed a few flat sales derailed due to leases having less than 80 years remaining. I have been given inconsistent advice from local Hazlemere conveyancing solicitors. Can you clarify whether the owner of a flat can start the lease extension formalities 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. This means that the buyer 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.

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.

Can you offer any advice when it comes to choosing a Hazlemere conveyancing firm to carry out our lease extension conveyancing?

When appointing a solicitor for lease extension works (regardless if they are a Hazlemere conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Hazlemere conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

  • If they are not ALEP accredited then what is the reason?
  • What volume of lease extensions have they completed in Hazlemere in the last twenty four months?

  • If all goes to plan we aim to complete the disposal of our £300000 garden flat in Hazlemere next week. The landlords agents has quoted £336 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Hazlemere?

    Hazlemere conveyancing on leasehold flats usually involves the purchaser’s conveyancer sending enquiries for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries most will be willing to do so. They are at liberty invoice a reasonable charge for answering questions 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 is above £800. The management information fee invoiced by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration fees, otherwise the invoice is not strictly payable. In reality you have little choice but to pay whatever is demanded if you want to sell the property.

    What makes a Hazlemere lease unmortgageable?

    There is nothing unique about leasehold conveyancing in Hazlemere. All leases is drafted differently and legal mistakes in the legal wording can result in certain sections 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 property
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Bank of Scotland, and Alliance & Leicester all have express 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 invested in buying a split level flat in Hazlemere, conveyancing was carried out in 2001. How much will my lease extension cost? Similar flats in Hazlemere with a long lease are worth £265,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease terminates on 21st October 2081

    With just 57 years unexpired we estimate the premium for your lease extension to be between £27,600 and £31,800 as well as legals.

    The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Hazlemere