Experts for Leasehold Conveyancing in Littleport

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Littleport leasehold conveyancing Example Support Desk Enquiries

I am on look out for some leasehold conveyancing in Littleport. Before I get started I require certainty as to the number of years remaining on the lease.

Assuming the lease is registered - and 99.9% are in Littleport - 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.

I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great price which is making it all the more appealing. I have subsequently discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Littleport. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Littleport ?

Most houses in Littleport are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Littleport in which case you should be shopping around for a Littleport conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer should appraise you on the various issues.

I am a negotiator for a reputable estate agency in Littleport where we have witnessed a few leasehold sales derailed as a result of short leases. I have received contradictory information from local Littleport conveyancing solicitors. Could you clarify whether the seller of a flat can start the lease extension formalities for the buyer?

Provided that the seller has owned the lease 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 buyer can avoid having to sit tight for 2 years for a lease extension. 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.

An alternative approach is 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 buyer.

What advice can you give us when it comes to finding a Littleport conveyancing practice to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Littleport conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Littleport conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:

  • How experienced is the firm with lease extension legislation?
  • What volume of lease extensions has the firm carried out in Littleport in the last 12 months?

  • Do you have any advice for leasehold conveyancing in Littleport with the purpose of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Littleport can be bypassed where you get in touch lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation needed by the purchasers’ conveyancers.
    • If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example installed wooden flooring? Littleport leases often stipulate that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord consenting to such alterations. Where you fail to have the paperwork to hand do not communicate with the landlord without contacting your conveyancer in advance.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be concerned about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride and discharge 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 are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to ongoing.
  • If you are supposed to have a share in the freehold, you should make sure that you are holding the original share certificate. Arranging a new share certificate is often a time consuming formality and delays many a Littleport conveyancing deal. Where a duplicate share is required, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible.
  • You may think that you are aware of the number of years left on your lease but it would be wise to double-check via your lawyers. A purchaser's lawyer will not be happy to advise their client to where the remaining number of years is less than 75 years. In the circumstances it is important 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.

  • I own a split level flat in Littleport, conveyancing having been completed half a dozen 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 Littleport with a long lease are worth £170,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease ceases on 21st October 2084

    With 63 years left to run the likely cost is going to span between £18,100 and £20,800 plus professional fees.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Littleport