Fixed-fee leasehold conveyancing in Higham Ferrers:

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Leasehold conveyancing in Higham Ferrers is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Higham Ferrers and next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Sample questions relating to Higham Ferrers leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Higham Ferrers. Before I get started I require certainty as to the remaining lease term.

Assuming the lease is recorded at the land registry - and 99.9% are in Higham Ferrers - then the leasehold title will always include the basic details 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.

Estate agents have just been given the go-ahead to market my basement apartment in Higham Ferrers.Conveyancing is yet to be initiated but I have just received a half-yearly service charge invoice – what should I do?

It best that you discharge the invoice 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 management companies will not acknowledge the buyer until 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. This will smooth the conveyancing process.

Last month I purchased a leasehold house in Higham Ferrers. Am I liable to pay service charges for periods before completion of my purchase?

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. It is an essential part 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 advice can you give us when it comes to choosing a Higham Ferrers conveyancing firm to deal with our lease extension?

If you are instructing a solicitor for your lease extension (regardless if they are a Higham Ferrers conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Higham Ferrers conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:

  • If the firm is not ALEP accredited then why not?
  • Can they put you in touch with client in Higham Ferrers who can give a testimonial?

    • Can you provide any advice for leasehold conveyancing in Higham Ferrers with the aim of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Higham Ferrers can be reduced if you get in touch lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the buyers solicitors.
    • Many freeholders or Management Companies in Higham Ferrers charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Higham Ferrers.
  • Some Higham Ferrers leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The 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 lawyers.
  • If you are supposed to have a share in the freehold, you should make sure that you are holding the original share document. Organising a duplicate share certificate can be a time consuming process and slows down many a Higham Ferrers conveyancing deal. Where a reissued share is needed, do contact the company officers or managing agents (where relevant) for this as soon as possible.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check via your lawyers. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 80 years. In the circumstances it is important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • I invested in buying a leasehold flat in Higham Ferrers, conveyancing was carried out in 2007. How much will my lease extension cost? Similar properties in Higham Ferrers with over 90 years remaining are worth £194,000. The average or mid-range amount of ground rent is £45 yearly. The lease ceases on 21st October 2093

    With just 68 years left to run we estimate the premium for your lease extension to be between £12,400 and £14,200 plus costs.

    The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Higham Ferrers