I am attracted to a couple of flats in Henley In Arden which have about fifty years unexpired on the lease term. Will this present a problem?

There are plenty of short leases in Henley In Arden. The lease is a right to use the premises for a prescribed time frame. As a lease shortens the marketability of the lease reduces and results in it becoming more costly to extend the lease. For this reason 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 as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this field

I am a negotiator for a busy estate agency in Henley In Arden where we have witnessed a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Henley In Arden conveyancing firms. Please can you shed some light as to whether the seller of a flat can instigate the lease extension formalities for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, 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.

What advice can you give us when it comes to appointing a Henley In Arden conveyancing practice to deal with our lease extension?

When appointing a conveyancer for lease extension works (regardless if they are a Henley In Arden conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Henley In Arden conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:

• What volume of lease extensions has the firm conducted in Henley In Arden in the last year?

Can they put you in touch with client in Henley In Arden who can give a testimonial?

Can you provide any top tips for leasehold conveyancing in Henley In Arden with the purpose of expediting the sale process?

• A significant proportion of the delay in leasehold conveyancing in Henley In Arden can be bypassed where you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the buyers solicitors.
• Many landlords or managing agents in Henley In Arden charge for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Henley In Arden.

In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Henley In Arden leases often stipulate that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord approving such changes. Should you fail to have the paperwork to hand you should not communicate with the landlord without checking with your conveyancer before hand.

Some Henley In Arden leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying 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 solicitors.

If you are supposed to have a share in the freehold, you should ensure that you have the original share certificate. Arranging a replacement share certificate can be a lengthy process and frustrates many a Henley In Arden home move. Where a reissued share is needed, do contact the company officers or managing agents (where applicable) for this sooner rather than later.

Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £500000 apartment in Henley In Arden on Thursday in a week. The management company has quoted £312 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Henley In Arden?

Henley In Arden conveyancing on leasehold apartments ordinarily involves fees being levied by managing agents :

• Addressing conveyancing due diligence questions
• Where consent is required before sale in Henley In Arden
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Henley In Arden leasehold property is £350. For Henley In Arden conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide the information.

Henley In Arden Leasehold Conveyancing - Sample of Questions you should consider Prior to buying

The answer will be helpful as a) areas may cause problems in the building as the communal areas may start to deteriorate if services are not paid for b) if the leasehold owners have a dispute with the running of the building you will wish to have complete disclosure Generally speaking the outlay for major works are not wrapped into the maintenance charges, although some managing agents in Henley In Arden ask leaseholders to contribute towards a sinking fund and this is used to offset against larger works. Is the freehold reversion owned jointly by the tenants?

Other Topics

Lease Extensions in Henley In Arden