Leasehold Conveyancing in Belmont - Get a Quote from the leasehold experts approved by your lender

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Any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Belmont, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Frequently asked questions relating to Belmont leasehold conveyancing

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

If the lease is recorded at the land registry - and most are in Belmont - then the leasehold title will always include the basic details 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 a negotiator for a reputable estate agency in Belmont where we have experienced a number of flat sales derailed as a result of short leases. I have been given contradictory information from local Belmont conveyancing firms. Could you confirm whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

Provided that 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. This means 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 before, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible 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.

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

If you are instructing a property lawyer for lease extension works (regardless if they are a Belmont conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Belmont conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

  • Can they put you in touch with client in Belmont who can give a testimonial?
  • What are the charges for lease extension conveyancing?

    • Do you have any advice for leasehold conveyancing in Belmont from the perspective of speeding up the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Belmont can be reduced if you get in touch lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation needed by the buyers conveyancers.
    • The majority freeholders or managing agents in Belmont levy fees for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Belmont.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Belmont leases often stipulate that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord consenting to such alterations. Should you dont have the approvals in place you should not communicate with the landlord without checking with your lawyer in advance.
  • Some Belmont leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying 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 buyers or their lawyers.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are settled prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You will have to accept that you will have to 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 will still have to reveal details of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to ongoing.

    • I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Belmont conveyancing firm to assist?

    if there is a missing freeholder or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to decide the sum to be paid.

    An example of a Lease Extension matter before the tribunal for a Belmont residence is 197 Byron Road in March 2013. In relation to the value of the extended lease the tribunal concluded that the appropriate premium should be £19237 This case was in relation to 1 flat. The remaining number of years on the lease was 70.92 years.

    What makes a Belmont lease problematic?

    There is nothing unique about leasehold conveyancing in Belmont. All leases are unique and drafting errors can sometimes mean that certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the property
    • A duty to insure the building
    • 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

    A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Skipton Building Society, and Clydesdale all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.