Fixed-fee leasehold conveyancing in Cranford:

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Examples of recent questions relating to leasehold conveyancing in Cranford

I want to let out my leasehold apartment in Cranford. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?

A small minority of properties in Cranford do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.

I only have Fifty years remaining on my lease in Cranford. I now want to get lease extension but my freeholder is can not be found. 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 extended by the Court. You will be obliged to prove that you have done all that could be expected to track down the landlord. For most situations a specialist may be useful to try and locate and to produce a report to be used as evidence that the freeholder can not be located. It is advisable to get professional help from a solicitor both on investigating the landlord’s absence and the application to the County Court covering Cranford.

I am tempted by the attractive purchase price for a two flats in Cranford which have approximately 50 years remaining on the lease term. Will this present a problem?

A lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the saleability of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area

Do you have any advice for leasehold conveyancing in Cranford from the point of view of expediting the sale process?

  • Much of the frustration in leasehold conveyancing in Cranford can be reduced if you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ lawyers.
  • The majority landlords or Management Companies in Cranford charge for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Cranford.
  • Some Cranford leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are able to meet 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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If you hold a share in a the freehold, you should ensure that you are holding the original share certificate. Obtaining a duplicate share certificate can be a time consuming formality and slows down many a Cranford conveyancing deal. If a reissued share certificate is needed, do contact the company officers or managing agents (if applicable) for this sooner rather than later.
  • You believe that you know the number of years remaining on your lease but it would be advisable double-check by asking your lawyers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 80 years. In the circumstances it is important at an as soon as possible 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.

  • I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Cranford conveyancing firm to act on my behalf?

    Most certainly. We can put you in touch with a Cranford conveyancing firm who can help.

    An example of a Freehold Enfranchisement decision for a Cranford flat is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case related to 2 flats. The the unexpired term as at the valuation date was 69 years.

    When it comes to leasehold conveyancing in Cranford what are the most frequent lease problems?

    There is nothing unique about leasehold conveyancing in Cranford. All leases are unique and drafting errors can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain parts of the building
    • 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

    You will have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, The Royal Bank of Scotland, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the buyer to withdraw.