Quality lawyers for Leasehold Conveyancing in Locksbottom

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

Sample questions relating to Locksbottom leasehold conveyancing

Estate agents have just been given the go-ahead to market my garden flat in Locksbottom.Conveyancing lawyers have not yet been instructed but I have just had a yearly service charge invoice – what should I do?

It best that you 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. Having a clear account will assist your cause and will leave you no worse off financially.

I've recently bought a leasehold property in Locksbottom. Am I liable to pay service charges for periods before my ownership?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I am employed by a long established estate agency in Locksbottom where we see a few leasehold sales put at risk as a result of short leases. I have received conflicting advice from local Locksbottom conveyancing firms. Could you shed some light as to whether the owner of a flat can instigate the lease extension formalities 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.

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 purchaser.

What are your top tips when it comes to choosing a Locksbottom conveyancing firm to deal with our lease extension?

When appointing a solicitor for your lease extension (regardless if they are a Locksbottom conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Locksbottom 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:

  • How experienced is the practice with lease extension legislation?
  • What are the charges for lease extension conveyancing?

  • Can you provide any advice for leasehold conveyancing in Locksbottom with the aim of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Locksbottom can be bypassed if you get in touch lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the buyers solicitors.
    • In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Locksbottom state that internal structural alterations or installing wooden flooring require a licence issued by the Landlord approving such changes. Should you dont have the paperwork to hand you should not communicate with the landlord without checking with your solicitor first.
  • Some Locksbottom 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 put in hand financial (bank) and professional references. Any 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 buyers or their lawyers.
  • If you hold a share in a the freehold, you should make sure that you are holding the original share certificate. Arranging a re-issued share certificate is often a lengthy process and slows down many a Locksbottom home move. If a new share is required, you should approach the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but it would be wise to double-check by asking your solicitors. A buyer’s lawyer will not be happy to advise their client to where the remaining number of years is under 75 years. It is therefore important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

  • I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Locksbottom conveyancing firm to represent me?

    Absolutely. We can put you in touch with a Locksbottom conveyancing firm who can help.

    An example of a Lease Extension decision for a Locksbottom flat is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case affected 1 flat. The unexpired lease term was 50.57 years.