Fixed-fee leasehold conveyancing in Millbank:

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When it comes to leasehold conveyancing in Millbank, you will need to chose a conveyancing practitioner with leasehold experience. Whether your lender is to be Lloyds, RBS or Nationwide be sure to choose a lawyer on their panel. Feel free to use our search tool

Sample questions relating to Millbank leasehold conveyancing

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

Assuming the lease is registered - and almost all are in Millbank - then the leasehold title will always include the short particulars 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 recently realised that I have Sixty One years unexpired on my flat in Millbank. I now want to get lease extension but my landlord is missing. What are my options?

On the basis that you meet the appropriate requirements, 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 enable the lease to be extended by the magistrate. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to locate the freeholder. For most situations an enquiry agent should be useful to carry out a search and prepare a report which can be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer in relation to proving the landlord’s absence and the application to the County Court covering Millbank.

I am tempted by the attractive purchase price for a two apartments in Millbank both have about fifty years unexpired on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Millbank is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the property. For most purchasers and lenders, leases with less than 75 years become less and less attractive. 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 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 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 Millbank 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 the agreed 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.

What are your top tips when it comes to choosing a Millbank conveyancing firm to carry out our lease extension conveyancing?

When appointing a solicitor for your lease extension (regardless if they are a Millbank conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Millbank conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:

  • If they are not ALEP accredited then what is the reason?
  • What volume of lease extensions has the firm conducted in Millbank in the last 12 months?

    • Do you have any advice for leasehold conveyancing in Millbank from the perspective of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Millbank can be avoided if you appoint lawyers as soon as you market your property and ask them to put together the leasehold information needed by the buyers lawyers.
    • Many landlords or Management Companies in Millbank levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information 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 Millbank.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Millbank leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord acquiescing to such works. Where you dont have the approvals to hand do not contact the landlord without contacting your solicitor before hand.
  • If you have had any disputes with your landlord or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be nervous about purchasing a property where there is a current dispute. You may have to bite the bullet 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 will still have to reveal particulars of the dispute to the buyers, but it is better to reveal the dispute as historic as opposed to unresolved.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check by asking your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to where the remaining number of years is below 80 years. It is therefore important 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 premises on the market for sale.

    • We have reached the end of our tether in seeking a lease extension in Millbank. Can the Leasehold Valuation Tribunal adjudicate on premiums?

    if there is a missing landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to calculate the price payable.

    An example of a Lease Extension case for a Millbank residence is Flats 12A & 19, Evelyn Mansions Carlisle Place in June 2009. The Tribunal held that the price to be paid for the new lease of Flat 12A is £168,824, For the other flat the price was set at £169,110 This case affected 2 flats. The unexpired term was 56 years.