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Recently asked questions relating to Leyland leasehold conveyancing

I am on look out for some leasehold conveyancing in Leyland. Before I get started I would like to find out the remaining lease term.

Assuming the lease is registered - and most are in Leyland - 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.

Planning to complete next month on a studio apartment in Leyland. Conveyancing solicitors have said that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Leyland should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • Whether your lease has a provision for a sinking fund?
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be included in your report on your leasehold property in Leyland please ask your lawyer in ahead of your conveyancing in Leyland

  • I am looking at a two maisonettes in Leyland which have in the region of forty five years remaining on the leases. should I be concerned?

    There are plenty of short leases in Leyland. The lease is a right to use the premises for a period of time. As a lease shortens the saleability of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this area

    I am a negotiator for a reputable estate agent office in Leyland where we have witnessed a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Leyland conveyancing solicitors. Can you clarify whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?

    As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having 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 simultaneously with completion of the disposal of the property.

    Alternatively, it may be possible to agree the lease extension with the freeholder 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 advice for leasehold conveyancing in Leyland with the aim of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Leyland can be reduced if you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the buyers lawyers.
    • In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Leyland state that internal structural alterations or installing wooden flooring require a licence from the Landlord acquiescing to such works. If you dont have the consents in place do not contact the landlord without checking with your solicitor in advance.
  • Some Leyland leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying 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 lawyers.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are settled before the property is marketed. The buyers and their solicitors will be nervous about purchasing a flat where there is a current dispute. You may need to swallow your pride and 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 historic as opposed to unsettled.
  • You may think that you are aware of the number of years remaining on your lease but you should verify this via your lawyers. A buyer’s lawyer will be unlikely to recommend their client to where the lease term is under 80 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

  • I acquired a ground floor flat in Leyland, conveyancing was carried out 2011. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Leyland with a long lease are worth £241,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease expires on 21st October 2099

    With only 75 years unexpired we estimate the premium for your lease extension to range between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.

    The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive 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 taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Leyland