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

Get a Quote

While any conveyancing practice can theoretically deal with your leasehold conveyancing in Manor House, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Common questions relating to Manor House leasehold conveyancing

I am tempted by the attractive purchase price for a two flats in Manor House both have approximately 50 years left on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Manor House is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most purchasers and mortgage companies, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 premises 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 Manor House 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.

I am a negotiator for a long established estate agency in Manor House where we have witnessed a number of leasehold sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local Manor House conveyancing solicitors. Please can you confirm whether the owner of a flat can start the lease extension formalities for the buyer?

As long as 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 sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with 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 finding a Manor House conveyancing firm to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Manor House conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Manor House conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

  • How familiar is the practice with lease extension legislation?
  • What volume of lease extensions have they conducted in Manor House in the last twenty four months?

    • Do you have any top tips for leasehold conveyancing in Manor House from the perspective of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Manor House can be reduced if you get in touch lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation needed by the purchasers’ conveyancers.
    • The majority landlords or Management Companies in Manor House charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Manor House.
  • If you have carried out any alterations to the residence would they have required Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Manor House state that internal structural changes or addition of wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. If you dont have the paperwork to hand you should not contact the landlord without contacting your conveyancer before hand.
  • A minority of Manor House 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 put in hand bank and professional references. The 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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • You believe that you know the number of years left on your lease but it would be advisable verify this via your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is below 80 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease 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 disposal of our £225000 flat in Manor House in just under a week. The management company has quoted £396 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Manor House?

    Manor House conveyancing on leasehold flats usually involves the buyer’s conveyancer submitting enquiries for the landlord to address. Although the landlord is not legally bound to respond to such questions most will be content to do so. They are entitled charge a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some situations it is in excess of £800. The management information fee required by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration fees, otherwise the invoice is technically not due. Reality however dictates that one has no option but to pay whatever is requested of you if you want to exchange contracts with the buyer.

    Despite our best endeavours, we have been unsuccessful in negotiating a lease extension in Manor House. Can this matter be resolved via the Leasehold Valuation Tribunal?

    in cases where there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to determine the price.

    An example of a Freehold Enfranchisement decision for a Manor House flat is 51 Lorne Road in November 2009. The price Payable as decided by the tribunal for the freehold reversion was £27,000. The valuation follows the order of the County Court made on 3 April 2008 granting a vesting order. This case related to 1 flat. The unexpired lease term was 71 years.