Fixed-fee leasehold conveyancing in Leeswood:

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Common questions relating to Leeswood leasehold conveyancing

I have just appointed agents to market my 2 bed flat in Leeswood.Conveyancing lawyers have not yet been instructed but I have just had a yearly maintenance charge invoice – should I leave it to the buyer to sort out?

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 management companies 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 looking at a couple of apartments in Leeswood which have approximately forty five years unexpired on the lease term. should I be concerned?

There are no two ways about it. A leasehold flat in Leeswood is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the value of the premises. For most buyers and mortgage companies, leases with under 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 Leeswood 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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 agent office in Leeswood where we have witnessed a few flat sales jeopardised due to short leases. I have been given contradictory information from local Leeswood conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?

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 can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.

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 purchaser.

Do you have any top tips for leasehold conveyancing in Leeswood from the point of view of expediting the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Leeswood can be reduced where you get in touch lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation needed by the buyers lawyers.
  • Many freeholders or managing agents in Leeswood levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Leeswood.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Leeswood state that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord approving such alterations. Where you fail to have the approvals in place you should not communicate with the landlord without contacting your conveyancer in advance.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share certificate. Organising a new share certificate can be a time consuming formality and delays many a Leeswood home move. If a duplicate share certificate is necessary, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible.
  • You believe that you know the number of years remaining on your lease but you should verify this via your conveyancers. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is under 80 years. It is therefore essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • When it comes to leasehold conveyancing in Leeswood what are the most frequent lease defects?

    Leasehold conveyancing in Leeswood is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the building
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Norwich and Peterborough Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to pull out.

    Leasehold Conveyancing in Leeswood - Sample of Questions you should consider before Purchasing

      Make sure you discover if there are any onerous restrictions in the lease. By way of example it is very common in Leeswood leases that pets are not permitted in certain buildings in Leeswood. If you love the propertyin Leeswood yet your cat can’t make the move with you then you will be faced difficult determination. This question is useful as a) areas could result in problems for the building as the communal areas may start to deteriorate where services are not paid for b) if the leaseholders have a dispute with the running of the building you will want to know about it What is the name of the managing agents?

    Other Topics

    Lease Extensions in Leeswood