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Recently asked questions relating to Heath Hayes leasehold conveyancing

I’m about to sell my garden flat in Heath Hayes.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly service charge demand – should I leave it to the buyer to sort out?

The sensible thing to do is clear the service charge 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 managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am tempted by the attractive purchase price for a couple of maisonettes in Heath Hayes which have about forty five years left on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Heath Hayes. The lease is a right to use the property for a period of time. As a lease shortens the saleability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this arena

I've recently bought a leasehold house in Heath Hayes. Do I have any liability for service charges relating to a period prior to completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

What are your top tips when it comes to finding a Heath Hayes conveyancing firm to carry out our lease extension conveyancing?

When appointing a solicitor for your lease extension (regardless if they are a Heath Hayes conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Heath Hayes conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:

  • Can they put you in touch with client in Heath Hayes who can give a testimonial?
  • What are the legal fees for lease extension work?

    • Can you provide any top tips for leasehold conveyancing in Heath Hayes with the purpose of saving time on the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Heath Hayes can be reduced where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the buyers representatives.
    • If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Heath Hayes leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord consenting to such changes. Where you fail to have the consents to hand you should not communicate with the landlord without contacting your solicitor before hand.
  • Some Heath Hayes 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. The bank reference should make it clear that the buyer is 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share document. Arranging a replacement share certificate is often a lengthy process and frustrates many a Heath Hayes conveyancing transaction. If a duplicate share certificate is necessary, you should approach the company officers or managing agents (where applicable) for this at the earliest opportunity.
  • You believe that you know the number of years remaining on your lease but it would be advisable double-check via your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is under 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • I purchased a basement flat in Heath Hayes, conveyancing having been completed 5 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Heath Hayes with a long lease are worth £261,000. The ground rent is £50 charged once a year. The lease comes to an end on 21st October 2090

    You have 65 years unexpired we estimate the premium for your lease extension to span between £13,300 and £15,400 plus plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Heath Hayes