Fixed-fee leasehold conveyancing in Freezywater:

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Recently asked questions relating to Freezywater leasehold conveyancing

I am on look out for some leasehold conveyancing in Freezywater. Before diving in I require certainty as to the unexpired term of the lease.

If the lease is recorded at the land registry - and almost all are in Freezywater - 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 have just started marketing my 2 bed flat in Freezywater.Conveyancing lawyers have not yet been instructed but I have just had a quarterly service charge demand – what should I do?

It best that you pay 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.

I am looking at a couple of apartments in Freezywater which have about forty five years unexpired on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Freezywater is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most purchasers and lenders, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Freezywater conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Can you provide any advice for leasehold conveyancing in Freezywater from the perspective of expediting the sale process?

  • Much of the delay in leasehold conveyancing in Freezywater can be reduced if you appoint lawyers the minute your agents start advertising the property and request that they start to put together the leasehold information which will be required by the buyers lawyers.
  • The majority freeholders or managing agents in Freezywater charge 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 can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Freezywater.
  • Some Freezywater leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, 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 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 solicitors.
  • If you have had any disputes with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to present the dispute as over rather than unsettled.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you have the original share document. Arranging a replacement share certificate can be a time consuming process and frustrates many a Freezywater home move. If a new share is necessary, you should approach the company director and secretary or managing agents (if relevant) for this as soon as possible.

  • If all goes to plan we aim to complete our sale of a £450000 garden flat in Freezywater in 5 days. The landlords agents has quoted £420 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Freezywater?

    Freezywater conveyancing on leasehold flats usually results in fees being invoiced by managing agents :

    • Answering pre-contract questions
    • Where consent is required before sale in Freezywater
    • 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 lawyer will have no control over the level of the charges for this information but the average costs for the information for Freezywater leasehold property is £350. For Freezywater 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 required to supply the information.

    I inherited a garden flat in Freezywater. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the sum due for a lease extension?

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

    An example of a Vesting Order and Purchase of freehold decision for a Freezywater premises is Ground Floor Flat 4A Baronet Road in February 2010. Following a vesting order by Edmonton County Court on 23rd December 2008 (case number 8ED064) the Tribunal decided that the price that the Applicant for the freehold interest should pay is £8,689.00 This case affected 2 flats. The the number of years remaining on the existing lease(s) was 80.01 years.