Experts for Leasehold Conveyancing in Hightown

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

Common questions relating to Hightown leasehold conveyancing

I am looking at a couple of flats in Hightown both have approximately fifty years remaining on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Hightown is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most purchasers and lenders, leases with less than eighty years become less and less attractive. 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 a residence 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 Hightown conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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.

Last month I purchased a leasehold house in Hightown. Do I have any liability for service charges relating to a period prior to 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. A critical element of leasehold conveyancing for your conveyancer to be sure 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).

Can you offer any advice when it comes to appointing a Hightown conveyancing firm to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Hightown conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Hightown conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:

  • How many lease extensions has the firm completed in Hightown in the last 12 months?
  • Can they put you in touch with client in Hightown who can give a testimonial?

    • Can you provide any advice for leasehold conveyancing in Hightown from the perspective of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Hightown can be bypassed if you appoint lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
    • Many freeholders or Management Companies in Hightown 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 pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Hightown.
  • If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you installed wooden flooring? Most leases in Hightown state that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord consenting to such alterations. If you fail to have the paperwork to hand you should not communicate with the landlord without contacting your lawyer first.
  • If there is a history of conflict with your freeholder or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to present the dispute as over as opposed to ongoing.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this by asking your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to where the remaining number of years is less than 80 years. In the circumstances it is 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 home on the market for sale.

    • Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £400000 flat in Hightown on Friday in a week. The freeholder has quoted £360 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Hightown?

    Hightown conveyancing on leasehold apartments often involves the buyer’s solicitor sending enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to such questions most will be content to assist. They are entitled charge a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it is above £800. The management information fee levied by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration fees, without which the charge is not strictly payable. In reality you have little choice but to pay whatever is demanded should you wish to sell the property.

    I invested in buying a studio flat in Hightown, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Equivalent properties in Hightown with an extended lease are worth £233,000. The average or mid-range amount of ground rent is £60 yearly. The lease comes to an end on 21st October 2105

    With just 79 years unexpired the likely cost is going to be between £11,400 and £13,200 plus professional fees.

    The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.

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    Lease Extensions in Hightown