Leasehold Conveyancing in Higham Wood - Get a Quote from the leasehold experts approved by your lender

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Leasehold conveyancing in Higham Wood 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 Wood and next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Higham Wood leasehold conveyancing Example Support Desk Enquiries

I want to rent out my leasehold apartment in Higham Wood. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

Some leases for properties in Higham Wood do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.

I have just appointed agents to market my ground floor apartment in Higham Wood.Conveyancing has not commenced but I have just had a yearly maintenance charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should pay 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 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am attracted to a two maisonettes in Higham Wood which have in the region of fifty years remaining on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Higham Wood is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the value of the property. The majority of purchasers and banks, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Higham Wood conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I am employed by a long established estate agency in Higham Wood where we have experienced a number of leasehold sales derailed due to short leases. I have been given inconsistent advice from local Higham Wood conveyancing firms. Could you confirm whether the seller of a flat can instigate the lease extension process 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 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 to extend their lease. 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 disposal of the property.

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.

Do you have any top tips for leasehold conveyancing in Higham Wood with the aim of saving time on the sale process?

  • Much of the frustration in leasehold conveyancing in Higham Wood can be reduced if you get in touch lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation needed by the buyers lawyers.
  • The majority landlords or managing agents in Higham Wood levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have 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 Higham Wood.
  • If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Higham Wood state that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. Where you dont have the consents in place do not contact the landlord without checking with your conveyancer in the first instance.
  • Some Higham Wood leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you hold the original share document. Arranging a replacement share certificate is often a time consuming process and delays many a Higham Wood home move. If a duplicate share certificate is required, do contact the company officers or managing agents (where relevant) for this as soon as possible.

    • Leasehold Conveyancing in Higham Wood - Examples of Queries before buying

      Is the freehold reversion owned jointly by the leaseholders? Best to be warned whether a new roof is being put on or some other significant cost is due shortly to be shared by the leasehold owners and could well materially increase the the service charges or necessitate a one off invoice. What is the service charge and ground rent on the property?

    Other Topics

    Lease Extensions in Higham Wood