Fixed-fee leasehold conveyancing in Ireleth and Askam:

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

Frequently asked questions relating to Ireleth and Askam leasehold conveyancing

I am looking at a two apartments in Ireleth and Askam both have approximately 50 years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Ireleth and Askam is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most buyers 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 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 Ireleth and Askam 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.

Last month I purchased a leasehold flat in Ireleth and Askam. 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 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).

I work for a reputable estate agency in Ireleth and Askam where we see a number of flat sales put at risk due to short leases. I have received contradictory information from local Ireleth and Askam conveyancing solicitors. Could you confirm whether the vendor of a flat can instigate the lease extension formalities for the buyer?

As long as the seller has been the owner 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. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.

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.

Can you provide any top tips for leasehold conveyancing in Ireleth and Askam from the perspective of speeding up the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Ireleth and Askam can be bypassed where you get in touch lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information which will be required by the purchasers’ conveyancers.
  • The majority freeholders or Management Companies in Ireleth and Askam charge for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Ireleth and Askam.
  • If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example installed wooden flooring? Ireleth and Askam leases often stipulate that internal structural changes or addition of wooden flooring require a licence issued by the Landlord acquiescing to such changes. Should you dont have the paperwork in place do not contact the landlord without checking with your lawyer in advance.
  • If you have had conflict with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or settle 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 particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than ongoing.
  • If you are supposed to have a share in the Management Company, you should ensure that you hold the original share certificate. Obtaining a re-issued share certificate can be a time consuming process and frustrates many a Ireleth and Askam home move. If a duplicate share certificate is necessary, you should approach the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.

    • In relation to leasehold conveyancing in Ireleth and Askam what are the most common lease defects?

    There is nothing unique about leasehold conveyancing in Ireleth and Askam. Most leases are unique and drafting errors can result in certain provisions are wrong. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the property
    • A duty to insure the building
    • 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

    You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Norwich and Peterborough Building Society, and Platform Home Loans Ltd 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 does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.

    Ireleth and Askam Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to buying

      How is the lease structured? Generally speaking the outlay for major works tend not to be incorporated into the maintenance charges, although a few managing agents in Ireleth and Askam ask tenants to pay into a reserve fund created for the specific intention of establishing a fund for larger works. Who manages the block?

    Other Topics

    Lease Extensions in Ireleth and Askam