Fixed-fee leasehold conveyancing in Lake District:

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Any conveyancing solicitor can theoretically handle your leasehold conveyancing in Lake District, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Questions and Answers: Lake District leasehold conveyancing

I have just appointed agents to market my ground floor apartment in Lake District.Conveyancing is yet to be initiated but I have just received a half-yearly service charge demand – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have since been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Lake District. Conveyancing solicitors have are about to be instructed. Will they explain the issues?

The majority of houses in Lake District are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Lake District in which case you should be shopping around for a Lake District conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’spermission to carry out alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your solicitor will advise you fully on all the issues.

Back In 2001, I bought a leasehold flat in Lake District. Conveyancing and Accord Mortgages Ltd mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Lake District who previously acted has now retired.Do I pay?

First make enquiries of HMLR to be sure that this person is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Lake District conveyancing firm to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a two flats in Lake District both have approximately fifty years unexpired on the lease term. Will this present a problem?

There is no doubt about it. A leasehold apartment in Lake District is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most buyers and lenders, leases with less than 75 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 premises 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 a residence 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 Lake District conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 advice for leasehold conveyancing in Lake District from the perspective of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Lake District can be reduced if you instruct lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the buyers representatives.
  • If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example installed wooden flooring? Lake District leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord consenting to such alterations. Where you fail to have the approvals to hand you should not contact the landlord without contacting your lawyer before hand.
  • If you have had conflict with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may have to bite the bullet 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 are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to present the dispute as historic as opposed to ongoing.
  • If you have the benefit of shareholding in the freehold, you should make sure that you are holding the original share certificate. Arranging a new share certificate can be a time consuming formality and delays many a Lake District home move. Where a new share certificate is necessary, do contact the company officers or managing agents (if applicable) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check by asking your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 75 years. In the circumstances it is important at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • I acquired a ground floor flat in Lake District, conveyancing having been completed 5 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Lake District with an extended lease are worth £203,000. The average or mid-range amount of ground rent is £50 per annum. The lease terminates on 21st October 2088

    With only 63 years left to run the likely cost is going to range between £16,200 and £18,600 plus costs.

    The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns 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 seeking the advice of a professional.

    Other Topics

    Lease Extensions in Lake District