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Lapworth leasehold conveyancing: Q and A’s

I’m about to sell my garden flat in Lapworth.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly maintenance charge invoice – what should I do?

The sensible thing to do is 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 until 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am hoping to put an offer on a small detached house that seems to be perfect, at a great figure which is making it all the more appealing. I have subsequently found out that the title is leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Lapworth. Conveyancing advisers have not yet been instructed. Will they explain the issues?

Most houses in Lapworth are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are purchasing in Lapworth in which case you should be looking for a Lapworth conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your conveyancer will advise you fully on all the issues.

I am attracted to a two apartments in Lapworth which have about fifty years unexpired on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Lapworth is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the value of the property. The majority of purchasers and banks, leases with under 75 years become less and less attractive. On a more upbeat 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 premises 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 Lapworth 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.

I am a negotiator for a busy estate agency in Lapworth where we see a number of flat sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local Lapworth conveyancing firms. Can you clarify whether the seller of a flat can initiate the lease extension formalities for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.

An alternative approach is 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.

Can you provide any advice for leasehold conveyancing in Lapworth from the point of view of speeding up the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Lapworth can be avoided where you instruct lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information which will be required by the purchasers’ solicitors.
  • In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Most leases in Lapworth state that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord approving such works. Where you fail to have the approvals in place do not communicate with the landlord without checking with your solicitor in the first instance.
  • A minority of Lapworth leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The 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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be concerned about purchasing a property where there is a current 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 will still have to reveal details of the dispute to the buyers, but it is better to present the dispute as over as opposed to unsettled.
  • If you have the benefit of shareholding in the freehold, you should make sure that you have the original share document. Organising a replacement share certificate can be a time consuming formality and delays many a Lapworth home move. Where a new share is needed, do contact the company director and secretary or managing agents (where applicable) for this as soon as possible.

    • Lapworth Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to Purchasing

      Most Lapworth leasehold properties will be liable to pay a service charge for maintenance of the building set on behalf of the freeholder. Should you purchase the apartment you will have to meet this contribution, normally in instalments during the year. This could be anything from a few hundred pounds to thousands of pounds for large purpose-built buildings. In all likelihood there will be a rentcharge to be met annual, normally this is not a large figure, say around £25-£75 but you should to enquire it because sometimes it can be many hundreds of pounds. Does the lease include onerous restrictions? Make sure you discover if the the lease includes any onerous restrictions in the lease. For instance plenty of leases prohibit pets being allowed in in a block in Lapworth. If you love the propertyin Lapworth however your cat is not allowed to live with you then you will be faced difficult compromise.

    Other Topics

    Lease Extensions in Lapworth