Fixed-fee leasehold conveyancing in Hockley Heath:

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Hockley Heath leasehold conveyancing Example Support Desk Enquiries

I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great figure which is making it more attractive. I have subsequently found out that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Hockley Heath. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Hockley Heath ?

The majority of houses in Hockley Heath are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Hockley Heath so you should seriously consider shopping around for a Hockley Heath conveyancing practitioner and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your conveyancer should advise you fully on all the issues.

I am a negotiator for a busy estate agency in Hockley Heath where we have experienced a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Hockley Heath conveyancing solicitors. Please can you clarify whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start 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 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 buyer.

Do you have any advice for leasehold conveyancing in Hockley Heath from the perspective of expediting the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Hockley Heath can be bypassed if you get in touch lawyers as soon as you market your property and ask them to collate the leasehold information needed by the purchasers’ representatives.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Hockley Heath leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord approving such alterations. If you dont have the consents in place do not communicate with the landlord without checking with your conveyancer first.
  • A minority of Hockley Heath leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is able to meet 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 have the benefit of shareholding in the freehold, you should make sure that you are holding the original share document. Arranging a replacement share certificate is often a lengthy process and frustrates many a Hockley Heath conveyancing deal. If a new share certificate is required, do contact the company officers or managing agents (if applicable) for this at the earliest opportunity.
  • You believe that you know the number of years remaining on your lease but you should double-check via your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 80 years. It is therefore essential at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • If all goes to plan we aim to complete the disposal of our £425000 flat in Hockley Heath in just under a week. The managing agents has quoted £348 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Hockley Heath?

    Hockley Heath conveyancing on leasehold apartments often involves the buyer’s lawyer sending questions for the landlord to answer. Although the landlord is under no legal obligation to answer such questions most will be content to assist. They are entitled invoice a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some cases it is in excess of £800. The administration charge invoiced by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, otherwise the charge is not strictly payable. In reality one has little choice but to pay whatever is demanded if you want to complete the sale of your home.

    What makes a Hockley Heath lease unmortgageable?

    There is nothing unique about leasehold conveyancing in Hockley Heath. All leases are unique and drafting errors can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain parts of the property
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Barnsley Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.

    Hockley Heath Conveyancing for Leasehold Flats - Sample of Questions you should consider before Purchasing

      What is the length of the lease? Who takes charge for maintaining and repairing the building? It would be prudent to discover as much as you can about the company managing the block as they will either make your living at the property much easier or problematic. As the proprietor of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to day to day issues such as the tidiness of the communal areas. Enquire of other people whether they are happy with their management. In conclusion, investigate as to the dates that the maintenance charges are due to the relevant party and precisely what it includes.

    Other Topics

    Lease Extensions in Hockley Heath