Leasehold Conveyancing in Hurst Green - Get a Quote from the leasehold experts approved by your lender

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While any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Hurst Green, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Recently asked questions relating to Hurst Green leasehold conveyancing

I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Hurst Green. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Hurst Green ?

The majority of houses in Hurst Green are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are purchasing in Hurst Green in which case you should be looking for a Hurst Green conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to carry out alterations. You may also be required to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your lawyer should appraise you on the various issues.

I am looking at a couple of maisonettes in Hurst Green which have in the region of 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Hurst Green. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the value of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this arena

I am a negotiator for a long established estate agency in Hurst Green where we have experienced a number of leasehold sales put at risk due to short leases. I have been given inconsistent advice from local Hurst Green conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has owned the lease 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. The benefit of this is 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 simultaneously with 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.

What are your top tips when it comes to choosing a Hurst Green conveyancing practice to deal with our lease extension?

When appointing a solicitor for lease extension works (regardless if they are a Hurst Green conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Hurst Green conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:

  • How experienced is the firm with lease extension legislation?
  • If they are not ALEP accredited then why not?

    • Can you provide any advice for leasehold conveyancing in Hurst Green with the aim of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Hurst Green can be reduced if you appoint lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the buyers representatives.
    • Some Hurst Green leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are resolved before the property is put on the market. The purchasers and their solicitors will be nervous about purchasing 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 settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to ongoing.
  • If you are supposed to have a share in the Management Company, you should make sure that you have the original share document. Organising a replacement share certificate is often a time consuming process and frustrates many a Hurst Green home move. Where a new share certificate is necessary, do contact the company director and secretary or managing agents (if applicable) for this as soon as possible.
  • You may think that you are aware of the number of years left on your lease but it would be wise to double-check via your solicitors. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is under 75 years. In the circumstances it is essential at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • I invested in buying a ground floor flat in Hurst Green, conveyancing was carried out 5 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Hurst Green with an extended lease are worth £201,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease runs out on 21st October 2077

    With 52 years left to run the likely cost is going to span between £35,200 and £40,600 plus costs.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Hurst Green