Fixed-fee leasehold conveyancing in Kendal:

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

Top Five Questions relating to Kendal leasehold conveyancing

I am tempted by the attractive purchase price for a couple of flats in Kendal which have approximately 50 years unexpired on the leases. Will this present a problem?

There are plenty of short leases in Kendal. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the marketability of the lease reduces and it becomes more costly to extend the lease. For this reason it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this field

I work for a reputable estate agent office in Kendal where we have witnessed a number of flat sales jeopardised due to short leases. I have received contradictory information from local Kendal conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser 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 at the same time as 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.

What advice can you give us when it comes to appointing a Kendal conveyancing firm to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Kendal conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Kendal conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:

  • How many lease extensions has the firm conducted in Kendal in the last year?
  • What are the legal fees for lease extension work?

    • Do you have any advice for leasehold conveyancing in Kendal from the point of view of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Kendal can be avoided where you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation needed by the buyers representatives.
    • Many landlords or managing agents in Kendal levy fees for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Kendal.
  • Some Kendal leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is 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 purchasers or their solicitors.
  • If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share certificate. Arranging a new share certificate is often a lengthy formality and slows down many a Kendal conveyancing deal. If a duplicate share is required, do contact the company director and secretary or managing agents (if applicable) for this as soon as possible.
  • You believe that you know the number of years remaining on your lease but it would be wise to double-check via your conveyancers. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. In the circumstances it is essential 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 property on the market for sale.

    • When it comes to leasehold conveyancing in Kendal what are the most frequent lease problems?

    Leasehold conveyancing in Kendal is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. 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 building
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Virgin Money, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.

    Kendal Conveyancing for Leasehold Flats - A selection of Questions you should ask before Purchasing

      What is the name of the managing agents? Generally speaking the outlay for major works are not wrapped into the maintenance charges, although a few managing agents in Kendal ask tenants to contribute towards a reserve fund and this is used to offset against larger works. How many of the leaseholders are in arrears for their maintenance charge payments?

    Other Topics

    Lease Extensions in Kendal