Fixed-fee leasehold conveyancing in Hermon:

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Frequently asked questions relating to Hermon leasehold conveyancing

I am on look out for some leasehold conveyancing in Hermon. Before I get started I would like to find out the number of years remaining on the lease.

If the lease is recorded at the land registry - and 99.9% are in Hermon - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I am a negotiator for a busy estate agency in Hermon where we have witnessed a number of leasehold sales put at risk as a result of short leases. I have received contradictory information from local Hermon conveyancing solicitors. Could you shed some light as to whether the seller of a flat can initiate the lease extension process for the buyer?

As long as 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 need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with 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 purchaser.

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

If you are instructing a solicitor for lease extension works (regardless if they are a Hermon conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Hermon conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

  • If the firm is not ALEP accredited then why not?
  • How many lease extensions has the firm completed in Hermon in the last twenty four months?

    • Do you have any top tips for leasehold conveyancing in Hermon with the intention of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Hermon can be bypassed where you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the buyers lawyers.
    • The majority freeholders or Management Companies in Hermon levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Hermon.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Hermon leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord consenting to such works. Where you dont have the approvals in place do not communicate with the landlord without contacting your solicitor in the first instance.
  • Some Hermon leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is 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 purchasers or their solicitors.
  • You believe that you know the number of years remaining on your lease but it would be advisable verify this by asking your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to where the lease term is below 75 years. It is therefore important at an early stage 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.

    • What are the common deficiencies that you encounter in leases for Hermon properties?

    There is nothing unique about leasehold conveyancing in Hermon. All leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the building
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Leeds Building Society, and Clydesdale all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to withdraw.

    I am the registered owner of a garden flat in Hermon, conveyancing formalities finalised 7 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Hermon with over 90 years remaining are worth £229,000. The ground rent is £55 charged once a year. The lease ends on 21st October 2078

    You have 53 years remaining on your lease the likely cost is going to span between £30,400 and £35,200 plus professional fees.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously should 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 Hermon