Fixed-fee leasehold conveyancing in Knaphill:

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When it comes to leasehold conveyancing in Knaphill, you will need to instruct a conveyancing solicitor with leasehold experience. Whether your mortgage company is to be Clydesdale , Yorkshire Building Society or NatWest be sure to find a lawyer on their panel. Feel free to use our search tool

Questions and Answers: Knaphill leasehold conveyancing

I am in need of some leasehold conveyancing in Knaphill. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.

If the lease is recorded at the land registry - and most are in Knaphill - then the leasehold title will always include the short particulars 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 have recently realised that I have Fifty years remaining on my lease in Knaphill. I now wish to get lease extension but my freeholder is absent. What options are available to me?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to prove that you or your lawyers have used your best endeavours to find the freeholder. In some cases a specialist may be helpful to try and locate and prepare a report to be used as proof that the freeholder is indeed missing. It is wise to seek advice from a conveyancer in relation to devolving into the landlord’s disappearance and the application to the County Court overseeing Knaphill.

I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Knaphill. Conveyancing lawyers have are about to be appointed. Will they explain the issues?

The majority of houses in Knaphill are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Knaphill so you should seriously consider shopping around for a Knaphill conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your conveyancer will advise you fully on all the issues.

I am looking at a two flats in Knaphill both have about 50 years remaining on the lease term. Will this present a problem?

There are no two ways about it. A leasehold apartment in Knaphill is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most buyers and mortgage companies, leases with under eighty years become less and less marketable. 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 Knaphill 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.

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

  • Much of the delay in leasehold conveyancing in Knaphill can be avoided if you instruct lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the buyers representatives.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Knaphill state that internal structural changes or laying down wooden flooring calls for a licence from the Landlord acquiescing to such alterations. Should you dont have the consents to hand you should not contact the landlord without checking with your solicitor before hand.
  • A minority of Knaphill leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you have the original share certificate. Obtaining a duplicate share certificate is often a lengthy process and frustrates many a Knaphill conveyancing deal. Where a reissued share is necessary, do contact the company director and secretary or managing agents (if relevant) for this as soon as possible.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable verify this by asking your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is under 80 years. It is therefore essential at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • Knaphill Conveyancing for Leasehold Flats - Examples of Queries before buying

      This question is helpful as a) areas can cause problems for the building as the communal areas may begin to deteriorate where maintenance are not paid for b) if the leaseholders have an issue with the managing agents you will wish to have all the details Does the lease contain onerous restrictions? Are any of leasehold owners in dispute over their service charge payments?

    Other Topics

    Lease Extensions in Knaphill