Fixed-fee leasehold conveyancing in Littleport:

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Sample questions relating to Littleport leasehold conveyancing

I am in need of 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 recorded at the land registry - and most 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 have just appointed agents to market my basement apartment in Littleport.Conveyancing has not commenced but I have just had a yearly service charge invoice – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should pay 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 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am attracted to a two flats in Littleport both have in the region of forty five years unexpired on the lease term. Will this present a problem?

A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this arena

Can you provide any top tips for leasehold conveyancing in Littleport from the perspective of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Littleport can be reduced if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ lawyers.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Littleport leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord approving such changes. Where you dont have the consents in place you should not contact the landlord without contacting your conveyancer first.
  • A minority of Littleport 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 obtain bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual 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 solicitors.
  • If you are supposed to have a share in the freehold, you should ensure that you are holding the original share certificate. Arranging a re-issued share certificate can be a lengthy process and frustrates many a Littleport conveyancing transaction. Where a new share is needed, you should approach the company officers or managing agents (if relevant) for this sooner rather than later.
  • You believe that you know the number of years left on your lease but you should double-check by asking your lawyers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £375000 flat in Littleport on Wednesday in a week. The management company has quoted £336 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Littleport?

    Littleport conveyancing on leasehold maisonettes often necessitates the buyer’s solicitor submitting enquiries for the landlord to answer. Although the landlord is not legally bound to address such questions the majority will be willing to do so. They are at liberty charge a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some situations it is in excess of £800. The administration charge invoiced by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, otherwise the invoice is technically not due. Reality however dictates that you have little option but to pay whatever is requested of you if you want to complete the sale of your home.

    I inherited a split level flat in Littleport, conveyancing formalities finalised 2008. 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? Equivalent properties in Littleport with over 90 years remaining are worth £263,000. The ground rent is £60 levied per year. The lease runs out on 21st October 2089

    You have 68 years remaining on your lease we estimate the price of your lease extension to span between £10,500 and £12,000 as well as costs.

    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 due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Littleport