Experts for Leasehold Conveyancing in Arkley

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Top Five Questions relating to Arkley leasehold conveyancing

I am in need of some leasehold conveyancing in Arkley. Before diving in I require certainty as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and almost all are in Arkley - 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 would like to rent out my leasehold apartment in Arkley. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?

Even though your last Arkley conveyancing lawyer is not around you can review your lease to check if you are permitted to let out the apartment. The accepted inference is that if the deeds are silent, subletting is permitted. Quite often there is a prerequisite that you are obliged to seek permission via your landlord or some other party in advance of subletting. The net result is you not allowed to sublet in the absence of first obtaining permission. Such consent should not be unreasonably turned down. If your lease does not allow you to sublet you should ask your landlord for their consent.

I have just started marketing my 2 bed flat in Arkley.Conveyancing has not commenced but I have just had a half-yearly service charge demand – what should I do?

The sensible thing to do is discharge the invoice 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.

Do you have any top tips for leasehold conveyancing in Arkley with the aim of saving time on the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Arkley can be reduced if you instruct lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the buyers representatives.
  • Many landlords or managing agents in Arkley levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for as soon as you have 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 common cause of delay in leasehold conveyancing in Arkley.
  • A minority of Arkley leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The 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 you have the benefit of shareholding in the Management Company, you should ensure that you are holding the original share document. Arranging a re-issued share certificate can be a time consuming process and slows down many a Arkley conveyancing transaction. Where a new share is necessary, you should approach the company officers or managing agents (where applicable) for this at the earliest opportunity.
  • You may think that you are aware of the number of years left on your lease but it would be advisable verify this by asking your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is under 80 years. In the circumstances it is important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

  • We expect to complete the sale of our £275000 garden flat in Arkley in just under a week. The freeholder has quoted £300 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Arkley?

    Arkley conveyancing on leasehold maisonettes normally involves fees being invoiced by management companies :

    • Completing conveyancing due diligence questions
    • Where consent is required before sale in Arkley
    • Supplying insurance information
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Arkley leasehold property is £350. For Arkley conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide the information.

    I have tried to negotiate informally with with my landlord to extend my lease without success. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Arkley conveyancing firm to represent me?

    Where there is a absentee landlord or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to decide the price payable.

    An example of a Lease Extension decision for a Arkley property is Ground Floor Maisonette 17 Milton Road in January 2014. The Tribunal determined the premium payable by the Applicant to the should be £13,299 This case affected 1 flat. The the unexpired residue of the current lease was 71.73 years.

    Other Topics

    Lease Extensions in Arkley