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

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Common questions relating to Colyers leasehold conveyancing

Having checked my lease I have discovered that there are only Sixty One years unexpired on my flat in Colyers. I need to get lease extension but my landlord is missing. What are my options?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to track down the landlord. In some cases an enquiry agent may be helpful to carry out a search and to produce an expert document which can be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer both on proving the landlord’s absence and the vesting order request to the County Court overseeing Colyers.

I am a negotiator for a reputable estate agency in Colyers where we have witnessed a few flat sales derailed as a result of short leases. I have received conflicting advice from local Colyers conveyancing solicitors. Could you confirm whether the owner of a flat can start the lease extension process 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.

An alternative approach is 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 buyer.

Can you provide any top tips for leasehold conveyancing in Colyers from the point of view of speeding up the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Colyers can be reduced if you get in touch lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the purchasers’ representatives.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Most leases in Colyers state that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord approving such works. If you dont have the paperwork to hand do not contact the landlord without contacting your solicitor first.
  • Some Colyers 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 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 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 a dispute is unresolved. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. 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 buyers, but it is clearly preferable to reveal the dispute as historic rather than unsettled.
  • 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 solicitors. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is under 75 years. In the circumstances it is important at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

  • Completion in due on the sale of our £400000 garden flat in Colyers in 10 days. The landlords agents has quoted £324 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Colyers?

    Colyers conveyancing on leasehold maisonettes normally necessitates administration charges invoiced by landlords agents :

    • Completing pre-contract enquiries
    • Where consent is required before sale in Colyers
    • Copies of the building insurance and schedule
    • 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 Colyers leasehold premises is £350. For Colyers 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 inherited a ground-floor 1960’s flat in Colyers. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the premium due for a lease extension?

    Most definitely. We are happy to put you in touch with a Colyers conveyancing firm who can help.

    An example of a Lease Extension decision for a Colyers flat is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case related to 13 flats. The the unexpired term as at the valuation date was 76 years.

    When it comes to leasehold conveyancing in Colyers what are the most common lease defects?

    There is nothing unique about leasehold conveyancing in Colyers. Most leases are individual and legal mistakes in the legal wording can result in certain clauses are wrong. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the property
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Chelsea Building Society, and Platform Home Loans Ltd 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 grant the mortgage, obliging the purchaser to pull out.