Fixed-fee leasehold conveyancing in Kingstanding:

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Any conveyancing practice can theoretically deal with your leasehold conveyancing in Kingstanding, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Recently asked questions relating to Kingstanding leasehold conveyancing

I am in need of some leasehold conveyancing in Kingstanding. Before diving in I want to be sure as to the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and almost all are in Kingstanding - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Kingstanding. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Kingstanding ?

The majority of houses in Kingstanding are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Kingstanding so you should seriously consider shopping around for a Kingstanding conveyancing practitioner and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your conveyancer should advise you fully on all the issues.

I work for a reputable estate agent office in Kingstanding where we have witnessed a number of leasehold sales put at risk due to short leases. I have been given inconsistent advice from local Kingstanding 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 owned the lease 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. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with 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.

Do you have any top tips for leasehold conveyancing in Kingstanding with the intention of expediting the sale process?

  • Much of the delay in leasehold conveyancing in Kingstanding can be avoided if you instruct lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation needed by the purchasers’ representatives.
  • If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you installed wooden flooring? Most leases in Kingstanding state that internal structural changes or addition of wooden flooring calls for a licence issued by the Landlord approving such alterations. If you fail to have the paperwork in place you should not contact the landlord without contacting your solicitor before hand.
  • Some Kingstanding leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, 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 purchasers or their solicitors.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be concerned about purchasing a property where a dispute is ongoing. You may need to swallow your pride and discharge 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 prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as over rather than ongoing.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check via your lawyers. A buyer’s lawyer will not be happy to advise their client to where the lease term 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 home on the market for sale.

    • What makes a Kingstanding lease defective?

    There is nothing unique about leasehold conveyancing in Kingstanding. Most leases are individual and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the property
    • A duty to insure the building
    • 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 as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Coventry Building Society, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.

    I inherited a 2 bed flat in Kingstanding, conveyancing having been completed 1997. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Kingstanding with an extended lease are worth £187,000. The ground rent is £50 charged once a year. The lease expires on 21st October 2075

    With 50 years remaining on your lease the likely cost is going to be between £38,000 and £44,000 as well as legals.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.

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    Lease Extensions in Kingstanding