Leasehold Conveyancing in Lavenham - Get a Quote from the leasehold experts approved by your lender

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While any conveyancing solicitor can theoretically handle your leasehold conveyancing in Lavenham, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Sample questions relating to Lavenham leasehold conveyancing

I only have Sixty One years left on my lease in Lavenham. I need to extend my lease but my landlord is absent. What are my options?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to find the freeholder. On the whole an enquiry agent should be useful to conduct investigations and to produce a report which can be used as evidence that the landlord is indeed missing. It is advisable to get professional help from a property lawyer both on proving the landlord’s disappearance and the application to the County Court overseeing Lavenham.

I am tempted by the attractive purchase price for a two apartments in Lavenham which have in the region of fifty years left on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Lavenham is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most buyers and lenders, leases with less than eighty 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 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 Lavenham 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 any new 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 Lavenham where we have witnessed a few leasehold sales derailed due to short leases. I have received conflicting advice from local Lavenham conveyancing firms. Could you clarify whether the vendor of a flat can instigate the lease extension formalities for the buyer?

As long as the seller has been the owner 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. 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 has to be done prior to, or at the same time as 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.

Can you offer any advice when it comes to appointing a Lavenham conveyancing firm to carry out our lease extension conveyancing?

When appointing a solicitor for your lease extension (regardless if they are a Lavenham conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Lavenham conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:

  • Can they put you in touch with client in Lavenham who can give a testimonial?
  • What are the legal fees for lease extension conveyancing?

    • Do you have any advice for leasehold conveyancing in Lavenham from the perspective of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Lavenham can be reduced where you instruct lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information needed by the purchasers’ conveyancers.
    • Many landlords or managing agents in Lavenham levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Lavenham.
  • If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example installed wooden flooring? Lavenham leases often stipulate that internal structural alterations or installing wooden flooring require a licence issued by the Landlord acquiescing to such alterations. If you dont have the paperwork to hand do not contact the landlord without checking with your conveyancer in advance.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you hold the original share document. Obtaining a replacement share certificate is often a lengthy process and slows down many a Lavenham conveyancing deal. Where a reissued share is necessary, do contact the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but it would be wise to verify this by asking your conveyancers. A buyer’s conveyancer 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. 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.

    • Lavenham Conveyancing for Leasehold Flats - A selection of Queries before Purchasing

      Best to be warned whether window replacement or some other major work is coming up to be shared between the tenants and will dramatically increase the the service fees or result in a one off invoice. Who are the managing agents? Make sure you enquire if there is anything that is prohibited in the lease. For example it is reasonably common in Lavenham leases that pets are not permitted in certain buildings in Lavenham. If you love the apartmentin Lavenham but your dog is not allowed to move with you then you will be faced difficult determination.

    Other Topics

    Lease Extensions in Lavenham