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Recently asked questions relating to Knebworth leasehold conveyancing

I am in need of some leasehold conveyancing in Knebworth. Before I set the wheels in motion I would like to find out the unexpired term of the lease.

If the lease is registered - and almost all are in Knebworth - 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 am looking at a couple of apartments in Knebworth both have in the region of 50 years remaining on the leases. should I be concerned?

There are plenty of short leases in Knebworth. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the value of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field

I've recently bought a leasehold flat in Knebworth. Am I liable to pay service charges relating to a period prior to completion of my purchase?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, 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).

Do you have any top tips for leasehold conveyancing in Knebworth from the point of view of speeding up the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Knebworth can be avoided where you instruct lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information needed by the purchasers’ solicitors.
  • The majority freeholders or managing agents in Knebworth levy fees for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information sought 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 cause of frustration in leasehold conveyancing in Knebworth.
  • A minority of Knebworth leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents 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 solicitors.
  • 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 purchasers and their solicitors will be reluctant to purchase a property where a dispute is ongoing. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. 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 better to reveal the dispute as over rather than unresolved.
  • If you are supposed to have a share in the freehold, you should make sure that you are holding the original share certificate. Obtaining a replacement share certificate is often a lengthy formality and slows down many a Knebworth home move. Where a reissued share is needed, you should approach the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.

    • What makes a Knebworth lease defective?

    There is nothing unique about leasehold conveyancing in Knebworth. Most leases are unique and legal mistakes in the legal wording can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the premises
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You could encounter 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. Lloyds TSB Bank, The Royal Bank of Scotland, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.

    I own a leasehold flat in Knebworth, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Similar properties in Knebworth with over 90 years remaining are worth £225,000. The average or mid-range amount of ground rent is £50 levied per year. The lease expires on 21st October 2094

    With only 69 years unexpired we estimate the premium for your lease extension to range between £10,500 and £12,000 plus legals.

    The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Knebworth